News blog

Travelzest

• BY: Andrew Hore |
• POSTED: 21/01/2013 |

Canada-focused tour operator Travelzest has been unable to agree a deal to sell its Canadian operations to a management buy out. 

The two sides could not agree on “a price that properly reflects the value of the Canadian businesses and assets”.

Chief executive Jonathan Carroll and finance director Adrian Cobbold appear to be staying with Travelzest, at lest for the time being, despite the failure of their buy out attempt.

Shares in Travelzest fell by nearly one-third to 3.5p, which values the company at £5.08m.

The board intends to renegotiate the terms of its bank loans because the current terms are hitting profitability.

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