Thu, 22 Dec 2011 | DIVISION SALE
Travelzest, the owner of several holiday operators including nudist holiday firm Peng Travel, is making a move to sell off its loss-making UK brands.
The UK operations up for disposal have not been identified, though potential new owners have already stepped forward.
Its UK brands include JMB Travel, which offers opera holidays, and VFB Holidays, which provide self-catering holidays in France.
The firm plans to focus on its successful business in Canada, as well as growing brands such as flight.co.uk. It will keep its head office in Cheltenham, and its other strongest performers, holiday.co.uk and Travelzest Holiday.
It said that 90 per cent of its revenues and profits are derived from its Canadian operations, including itravel2000 and The Cruise Professionals.
The firm said that the sale is expected to improve underlying operating profits by around £1.5 million.
Chairman Mark Molyneux commented to the Press Association, “By divesting those assets that are not performing, particularly in the current very difficult economic climate in the UK, which contrasts with much better conditions in Canada, we are building a stronger business that its well positioned for future growth.”
It is expected that Red Label might make a new offer for the businesses, after first expressing interest in September.
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