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Travelzest raises £5.7m – shares resume trading
Wednesday, 10 Sep, 2009
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Specialist tour operating group Travelzest has raised £5.7 million and restructured its debt.
Travelzest shares have resumed trading on AIM market. New ordinary shares were admitted to trading at the same time.
Directors and management have subscribed to a “significant proportion” of shares in the placing.
Similarly strong support has been provided by key institutional investors, the group said.
Travelzest consists of 11 operating units, nine of which are specialist tour operators and two of which are agency businesses, in the UK and Canada.
Company directors said they believe there are “signs of improved consumer confidence” in both the UK and Canadian markets.
Growth will be achieved by focusing on existing brands and operations to gain market share, a statement said.
CEO Jonathan Carroll said: “This has been a challenging six months for Travelzest as we have restructured our business.
“We are delighted with the support that we have received from our shareholders and bankers.
“We have set a clear direction and have positioned the group to succeed.”
The new management team has focused on recapitalising the balance sheet, restructuring the debt and aligning the group with current market opportunities over the summer.
Chief operating officer and finance director Jack Fraser said: “We have spent the last six months reviewing and implementing new strategies and cost cutting measures to improve the efficiency of our operations.
“We are also developing new marketing initiatives that we believe will drive stronger growth for the group.”
Stuart Trussler, director, strategic debt finance team at Barclays Commercial, said: “Travelzest is a good example of a business that is working vigorously to adapt to changing economic conditions, and we are delighted to support the current management team in their endeavours.”
by Phil Davies
Phil Davies
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