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Travel Company buys Cyberes subsidiary
The UK travel management firm, The Travel Company, has bought Corporate Travel International (CTI) after it entered into administration last week.
CTI was a subsidiary of Cyberes plc, the agency technology provider which folded last week due to cashflow difficulties.
Hull-based CTI operates from seven branches in the North of England. The Travel Company managing director Mike Walley said the acquisition will strengthen his company’s presence in the north. The Travel Company currently has five business travel centres in London and the Thames Valley and 35 “electronically linked implants” throughout the rest of the UK and Ireland.
He added: “After these few days of uncertainty for CTI clients we will provide a seamless transition into the Travel Company and together will enhance the services provided.”
According to Steve Ellis, joint administrator at PricewaterhouseCoopers, which handled the deal, most of the staff that were made redundant will be offered their jobs back.
The PricewaterhouseCoopers Business Recovery Services division handled the deal. Its aim is to help rebuild and recover value trapped in under-performing and troubled businesses.
Report by Ginny McGrath
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