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CNG sell leisure division in £2 million deal
Technology firm CNG has completed the sale of its leisure division in a deal worth up to £2.03 million.
Irish payment company FEXCO, which has an online travel division featuring hotel content and car hire, will pay an initial £1.4 million and a further £621,000 based on performance over the next three years.
The funds will help reduce CNG’s liabilities.
The division, which made a £1.2 million loss in the six months to June 2005, includes CNG’s consumer-facing hotel booking web site, placestostay.com. It also provides technology solutions and private rate hotel inventory to affiliate partners, including airline web sites.
The deal comes three months after Dublin-based CNG announced it was planning to offload its leisure division following a strategic review of its operations.
Acting chief executive PJ King said: “We will now be able to focus our resources and management time on core operations in our US-based Tzell corporate travel agency business. We will continue to develop and market our Travel Lodging Connector technology platform to travel agents.”
FEXCO director Dr Stewart Stephens said: “The business is a great fit with our existing Irish online accommodation and international car hire business. CNG hotels gives us enormous scope for growth.”
FEXCO will take on CNG’s 48 staff.
Report by Steve Jones
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