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Travelzest splashes out again
Acquisitive travel group Travelzest is taking over the holding company of air fares analysts Fair’s Fare for almost £4 million.
The AIM-listed tour operating group, run by former TUI UK managing director Chris Mottershead, has also placed 2,085,714 new shares with investors at a price of 126p per share.
Mottershead said: Fair’s Fare is a growing business offering a leading service to frequent first and business class travellers. As part of the Travelzest Group it will benefit from opportunities provided by other group companies, together with exposure to new external customers.”
The acquisition follows closely on the heels of naturist operator Peng Travel and “we continue to assess potential targets,” Mottershead added.
Travelzest has agreed to purchase The Montpelier Collection, the holding company of Fair’s Fare.
Established in 1995, the company seeks out the best financial options primarily for long-haul travellers in the first and business class cabins of the world’s leading airlines.
Audited results of Fair’s Fare Limited for the year ending 31 December 2005 show a total transaction value of £16 million which represents turnover of £2 million, giving an operating profit of £524,794.
Travelzest will acquire Fair’s Fare for £3.95 million to be satisfied by £1.25 million cash, £2 million loan notes and 542,636 shares on completion, subject to the net asset value of Fair’s Fare at completion.
“In addition, there is an opportunity for the vendor to earn a further £3.5 million if the business achieves certain profit targets in 2007, which will be satisfied solely by shares in Travelzest,” a company statement said.
Report by Phil Davies
Phil Davies
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