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Travelzest

  • BY: Andrew Hore |
  • POSTED: 22/12/2011 |

Tour operator Travelzest has ended bid talks and its share price slumped 2.12p to 6.25p.

Travelzest is valued at £9.07m and when the bid talks were originally announced it was valued at £24m.

Red Label Vacations had been talking to Travelzest for a number of months although it was only named in September. Even though the indicative bid was higher than the current share price the Travelzest board did not think it was enough.

Travelzest intends to concentrate on its Canadian business and sell non-core UK operations. Some UK operations, including the eponymous Travelzest Holidays, will be retained but Canada will generate 90% of revenues. Selling unprofitable businesses will help to improve operating profit by £1.5m a year. There will still be an office in Cheltenham.

Figures for the year to October 2011 will be published in February 2012. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2011_27.pdf

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