Wed, 20 Apr 2011 | BUSINESS SALE
Bosses of British-Canadian travel company, Travelzest, are considering a move to sell the company, with a potential management buy-out being one of the options on the list.
A company statement issued yesterday confirmed that they were in "the very early stages of discussions over a potential offer", which is believed to be a bid to address the company's current financial position.
The company is listed in London on the Alternative Investment Market (AIM) and operates from headquarters on both sides of the Atlantic - in Cheltenham, England and in the province of Ontario in Canada. British-based chief executive John Carroll is thought to be heading the proposed buy-out with the owners of Canadian holiday company, Sunwing.
It is not the first time that the company has been the subject of takeover speculation, with Thomas Cook previously showing interest and Tui Travel mounting a bid in 2008.
Travelzest has recently had to make significant cuts to its operations, shedding ten staff at the Cheltenham headquarters, with its only comment on the matter being "the business flexes." It posted a £9.9 million loss in the year to October 2010 following extensive restructuring. A spokeswoman told industry publication, Travel Weekly, "An MBO is one of the options that has been mooted."
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