Cuba specialist sold to Travelzest
Cuba specialist operator Capitvating Cuba has been acquired by Travelzest for £10,001.
The online travel group has also agreed to repay £242,000 in loans and provide additional working capital for the company which made a small loss in the last financial year.
Captivating Cuba, which sells more than 3,500 holidays a year in the UK, will be linked to Travelzest’s Canadian arm itravel2000.com to provide a new source market.
“Travelzest has already identified a number of initiatives that it believes will result in the acquisition being earnings enhancing in 2008,” a statement said.
Chief executive Chris Mottershead said: “Cuba is a fascinating Caribbean island providing customers with the opportunity to visit Havana, a city with a unique atmosphere and character together with some of the most beautiful sandy beaches in the world.
“While it has grown in popularity for British travellers over the last few years, Canadians represent the largest number of visitors to, this, the largest of the Caribbean islands.
“Captivating Cuba is a good example of a business with great potential. It already sells over 3,500 holidays a year to the UK market and by linking with itravel2000.com, our Canadian operation, we will be able to exploit this opportunity further and deliver strong organic growth over the coming years.”
by Phil Davies
Phil Davies
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