16th Oct 2006 07:00
Travelzest plc16 October 2006 Travelzest plc • Completion of Acquisition Travelzest plc ("Travelzest"), the British online travel group offeringspecialist travel programmes, announces it has completed the acquisition, firstannounced on 12 September 2006, of itravel2000.com, the Canadian on-line travelagent specialising in the sale of travel and travel related products primarilyto retail customers. Accordingly, Travelzest will be re-admitted to trading onAIM today. Travelzest has acquired itravel2000.com for a total consideration of Can$51.5million (£24.5 million). The initial payment consists of Can$21 million (£9.95million) and the issue of 7,938,780 exchangeable shares. The acquisitionprovides Travelzest with a foothold in North America and counter-seasonalrevenue to the predominantly summer-based revenues of Travelzest's businesses inEurope. Commenting on the completion of this acquisition, Chris Mottershead,Travelzest's Chief Executive, said: "We are delighted to have successfully completed the acquisition ofitravel2000.com and can now focus on replicating our business model in a newterritory in order to generate year-round revenue and profit. itravel2000.comprovides an excellent platform from which to build our business in NorthAmerica." - Ends - Enquiries: Travelzest plc 020 7747 7231Christopher Mottersheadwww.travelzestplc.com----------------------- Redleaf Communications 020 7822 0200Emma Kane/Samantha Robbins/Duncan McCormick Background information on Travelzest Travelzest is a travel group with high quality brands offering specialistholiday programmes and services. Chris Mottershead, 48, the Group Chief Executive who joined Travelzest in April2005, has extensive experience in the travel industry and in working for bothlarge and small organisations. He was managing director of TUI UK between 2001and 2004 with responsibility for Thomson Holidays, Lunn Poly, Travelhouse andother travel businesses based in the UK. During that time, he steered thecompany through one of the most difficult periods for travel and still achievedrecord profits. Prior to this, he was President and CEO, North American LeisureGroup, Airtours plc. He joined Airtours in 1993, where his roles includedmanaging director and finance director of Airtours Holidays Limited. He joinedAirtours from Aspro Travel & Inter European Airways where he was Group FinanceDirector. The Group currently comprises: VFB Holidays is a long established, award winning tour operator, which providedholidays for approximately 24,000 passengers in its last financial year. VFB iscurrently contracted with the owners of approximately 350 holiday cottagesthroughout France for the summer season, and has booking arrangements with over150 hotels, most of which are privately owned and are located in rural orsemi-rural locations. VFB specialises in cottage holidays in France, but alsohas a number of other holiday programmes including: France a la Carte (hotelaccommodation), Corsica, Short Breaks, Escorted Tours and River Cruises. Holiday Express is one of the UK's leading on-line travel agents. It is a travelagent specialising in on-line travel fulfilment services and online travelsales. Holiday Express' retail business (acting as travel agent), providingpackage holidays, charter flights and ski booking services, accounts for thevast majority of its revenue and the remainder of its revenue is generatedthrough acting as a tour operator. Holiday Express owns a number of travelwebsite domain names, including: - www.holiday.co.uk - www.flight.co.uk - www.discountholidays.com Best of Morocco is a tour operator specialising in high quality, tailor-madeholidays to Morocco for individuals or small groups. It provides a personalisedservice and its highly experienced and knowledgeable staff help each customerselect the hotels / resorts from their large range which are appropriate for thecustomer's desired style of holiday. Best of Morocco is the premier agent forthe Marathon des Sables, a foot race that takes place in Morocco in April eachyear, covering some 230km. Best of Morocco provides the largest contingent ofrunners for the race each year. Peng Travel was formed in 1971 to arrange naturist holidays for the UK market.Since then, it has grown to become Britain's biggest naturist tour operator. Ithas unrivalled experience of naturist areas worldwide and has selected only thebest. The range of naturist holidays offered is unmatched by any other Britishtour operator. Fair's Fare was established in 1995 and is the UK's leading firm of airfareanalysts, offering a unique travel planning service to both private and businessclients. The company seeks out the very best financial options, on all majorairlines, but primarily for long-haul travellers in the first and business classcabins of the world's leading airlines. Faraway Holidays was launched by Travelzest in August 2006. It offerstailor-made holidays to many of the world's top exotic destinations in the FarEast, Middle East, Indian Ocean, South Pacific and South America. Everydestination offered by Faraway Holidays will have been visited by at least onemember of the sales team, ensuring that customers receive informed andknowledgeable advice when planning their holiday. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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