Cheapflights rules out IPO and other financial options
Online flight comparison company Cheapflights is to go it alone after ruling out a range of alternative financial options.
Following a year-long strategic review, the company said it will not proceed with a “liquidity event†due to prevailing sentiment in the financial markets.
The review was aimed at providing shareholders with alternatives to obtain a return on their original investment.
These included an assessment of the relative attractiveness of a strategic partnership, an IPO or a private equity investment in the business which was set up 12 years ago.
A spokesman said Cheapflights had money in the bank and was profitable. Investment in back end technology meant that it was also able to exploit new markets.
Non-executive chairman John Clare said: “While we have considered some attractive alternatives over the past year, in the light of the contrast between financial market conditions and our company’s continuing strong momentum, we have decided to conclude our process for the time-being.
“Our investors remain strongly committed to the business and firmly believe the best is ahead of us.â€
CEO Chris Cuddy added: “We are very encouraged by Cheapflights’ recent success in both the UK and North America and the prospects for continued rapid and profitable growth.
“Our plans are to continue with our substantial investment in technology as well as to roll out internationally.
“Cheapflights’ database of flight deals has proven benefits both for consumers seeking bargains and for travel advertisers who want qualified leads.
“These benefits are especially pronounced in challenging economic times when value for money has become even more important.â€
by Phil Davies
Phil Davies
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