OTC snaps up Travelstore.com for £2.1million
Online Travel Company (OTC) has bought web-based business travel firm Travelstore.com for £2.1million.
The deal includes Travelstore subsidiaries Oxford Technology Solutions and Amersham Travel. OTC says it will move all its business travel activity, including in-house division Joint Venture Travel, over to the Travelstore brand. The takeover is being funded with the issue of 7.2 million new ordinary shares of 1p each in OTC at a value of 32 pence per share.
OTC claims to be the UK’s largest online travel supplier and retailer with customers including Virgin.net, Freeserve, Expedia, BTInternet and the Telegraph. Its chief executive Mark Jones said: “Travelstore has the most advanced business travel management technology in Europe and both sets of customers will benefit from the combination of technology and support services. We expect to achieve volume-related margin improvements and cost efficiencies by the elimination of cost duplication, and with Travelstore on board, we intend becoming a key mover and shaker in the business travel marketplace.”
Further consolidation in the travel management sector is predicted. The OTC deal follows last month’s acquisition of Ayscough Travel by Seaforths Travel parent company Advanced Travel Partners.
See our previous stories:
11-Jun-02: The TravelMole Interview: Mark Jones, Online Travel Corporation
15-May-02: OTC offers tailor-made holidays online
08-Jun-01: OTC acquires EMAP Digital Travel assets
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