Chanticleer

Wheels fall off the ASX’s new ‘Ferrari’

If the deal was about letting a sports car out of the garage, it drove straight into a freezer. A potential accounting issue is the last thing it needed.

Nov 20, 2024 – 5.01pm

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When hotel and flight bookings company Webjet unveiled plans to split the company in May, chief executive John Guscic told us he was letting the Ferrari out of the garage.

The Ferrari was WebBeds, the company’s B2B hotels wholesaler that Webjet had built up over 10 years and was now much bigger, stronger and faster-growing than the group’s eponymous consumer flights business. It was time to unleash it.

Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.