Thu, 03 May 2012 | MBO/MBI
Travelzest, which has been looking for a buyer for over one year, could be purchased by its own management.
The board has received an expression of interest from chief executive office Jonathon Carroll and chief financial officer Adrian Cobbold. A formal sales process has since been announced to assess the approach and any other bids.
HW Corporate Finance has been brought in to manage the sale process for the Cheltenham-based online travel firm. A value for the firm has not been disclosed, or the timetable for the sale.
Travelzest’s businesses include Travelzest Holidays, itravel2000, the Cruise Professionals, flight.co.uk and holiday.co.uk. It has retail operations in the UK and Canada, as well as tour operations in several countries including France, Cuba, Italy, Mexico, Turkey, Morocco and Malaysia.
In September Travelzest had reported an expression of early stage interest in the business from Red Label Vacations, but it was withdrawn in December 2011.
For the year ending 31 October 2011 Travelzest reported a 14 per cent decline in its sales to £37.7 million, from £43.8 million the year before.
It recently sold off J.M.B. Travel Consultants Ltd and the assets attached to Travelzest Holidays Ltd, after stating its intention to dispose of its loss making operations in Britain late last year.
Previous story on Travelzest mulls sale or MBO options.
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