Travelzest in £4.4 million deal for Holiday Express
Travelzest, formerly VFB Holidays, has acquired online travel agency Holiday Express in a deal worth up to £4.4 million.
The two companies have entered into an agreement that will see Travelzest, led by ex-TUI UK executive Chris Mottershead, pay an initial £2.18 million in cash and shares, rising to £4.4 depending on future performance.
Holiday express specialises in online travel fulfilment and online travel sales and sells package holidays, charter flights and ski
Through its subsidiaries, Holiday Express also own the rights to a number of travel website domains including www.holiday.co.uk, www.flight.co.uk and www.discountholidays.com.
In the year ending September 30, 2004 Holiday Express reported a turnover of £22.4 million with a profit before tax of £500,000.
A statement of intent from Travelzest said the company is aiming to acquire “a number of specialist niche travel businesses in order to create a new travel group which would include high quality bands.”
“The Directors are looking for companies which are able to demonstrate a successful track record during the last two years which have been a difficult period for the travel industry,” the statement said.
Report by Steve Jones
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