Continued from page 48
They warn there is a risk
feedstocks will be diverted from uses such as road transport and increase fossil fuel use elsewhere. The groups not only
question how much SAF will reduce emissions but also point out: “Most of the feedstock for the mandate is likely to be waste material, including plastics, which is not scalable or truly net zero.” The most-sustainable fuels,
known as ‘power to liquid’ or ‘e-fuels’, are energy-intensive and expensive to produce and are likely to form only a tiny proportion of SAF, with the mandate expected to include a sub-target for these. The government is expected
to confirm a mandate start date of January 1, 2025, the annual percentages of SAF required up to 2040 and a limit on use of SAF derived from waste oils (Hefa) – the fuel used on the Virgin Atlantic 100%-SAF flight to New York last November. It should also confirm the
criteria for different feedstocks and production methods, and measures to stop airlines avoiding the requirements by ‘tankering’ – filling up with fuel outside the UK. The groups insist the extra
cost of SAF should be paid for by airlines, saying: “The polluters should pay.” Finch said: “The higher the
price [of SAF], the more chance of having a UK SAF industry. The problem is the airlines will say the higher the price, the higher the cost to passengers. You can’t have both.” The EU already has a
mandate requiring 5% SAF-use by 2030 and 20% by 2035.
US firm Certares to invest €125 million in FTI Group
Ian Taylor
A consortium led by US private equity firm Certares has taken over Germany’s FTI Group, the third- largest tour operator in Europe and parent of bed bank
Youtravel.com. An agreement has been reached
for the investment of €125 million to support the “next phase of growth and fund digital transformation”. Munich-based FTI has 120
subsidiaries in German-speaking markets, the Netherlands, France and destinations around the world. The group acquired UK-based Youtravel in 2012. The deal sees the acquisition of 100% of the share capital from existing shareholders for a symbolic €1, and the consortium will assume control of FTI. Karl Markgraf, FTI chief executive, described Certares as “a leading investor in the global travel and tourism sector”. “With support from Certares and its extensive experience in
Karl Markgraf
Point International and several hotel brands under the MP Hotels umbrella. About 10,000 partner agencies sell FTI products throughout Germany. Headquartered in Munich, the
the sector and capital provided by the consortium, FTI is uniquely positioned for future growth and profitability, which benefits all the stakeholders, including our customers, commercial partners and employees,” he said. “We are committed to start our
next chapter of success and to further consolidate our position as a leading player in the German and European tourism sector.” Other FTI brands include FTI
Touristik, 5vorFlug, car rental broker Drive FTI, destination management company Meeting
group employs more than 11,000 people worldwide and generated consolidated sales of about €4.1 billion in the 2022-23 financial year – equalling its pre-Covid turnover. Commenting recently on
Youtravel, Markgraf said: “We can focus Youtravel more strongly on Western Europe. The model is working well in the UK and can expand.” Established in 2012, Certares
focuses exclusively on the travel and hospitality industries, with about $10.1 billion of assets under management. Certares has stakes in
G Adventures, Tripadvisor and American Express Global Business Travel and US-based Internova Travel, among others.
CERTARES INVESTMENT FUND AND FTI
Private equity firm Certares is a $10 billion investment fund based in New York specialising in travel and tourism, hospitality and business and consumer services. In addition to G Adventures, Amex Global Business Travel, Tripadvisor and Hertz car rental, Certares holds stakes in US-based Internova Travel Group, which includes the Travel Leaders agency network, aviation services group Avia Solutions, Brazil airline Azul and three leading travel companies in France.
46 18 APRIL 2024 Egyptian investor Samih Sawiris It sold its stake in luxury river
cruise company AmaWaterways for an undisclosed sum in March and has investments in hotels, resorts and private jet company Wheels Up. FTI, formerly Frosch Touristik,
was set up in 1980. Founder Dietmar Gunz sold the company to UK operator Airtours in 2000, but bought it back in 2003.
took a one-third shareholding in 2014, extending this to 75% in 2020 to secure credit guarantees from the German government. The group was embroiled in a scandal last year after agency consortium RTK was exposed as having shared the sales figures of up to 5,000 German travel agencies with FTI over a period of eight years. It led Tui and a second major tour operator to cancel sales agreements with half the country’s agents.
travelweekly.co.uk
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
