CNG sell leisure division in £2 million deal – TravelMole true

[bsa_pro_ad_space id=26]



CNG sell leisure division in £2 million deal

Saturday, 28 Sep, 2005 0

Technology firm CNG has completed the sale of its leisure division in a deal worth up to £2.03 million.

Irish payment company FEXCO, which has an online travel division featuring hotel content and car hire, will pay an initial £1.4 million and a further £621,000 based on performance over the next three years.

The funds will help reduce CNG’s liabilities.

The division, which made a £1.2 million loss in the six months to June 2005, includes CNG’s consumer-facing hotel booking web site, placestostay.com. It also provides technology solutions and private rate hotel inventory to affiliate partners, including airline web sites. 

The deal comes three months after Dublin-based CNG announced it was planning to offload its leisure division following a strategic review of its operations.

Acting chief executive PJ King said: “We will now be able to focus our resources and management time on core operations in our US-based Tzell corporate travel agency business. We will continue to develop and market our Travel Lodging Connector technology platform to travel agents.”

FEXCO director Dr Stewart Stephens said: “The business is a great fit with our existing Irish online accommodation and international car hire business. CNG hotels gives us enormous scope for growth.”

FEXCO will take on CNG’s 48 staff.

Report by Steve Jones

 

Related News Stories :   Travel brochure site changes hands     ARC: One-way ticket purchases growing in popularity     Caudwell tells agents: pay staff well or fail     Aviemore rescued from administration     Airbus calls an end to the recession     A TMS Hot Job – International Retail Travel Consultant  



Most Read

Ras Al Khaimah’s Tourism Triumph: A Conversation with Lyad Rasbey, RAKTDA Vice President

Turks and Caicos Tourism Resilience: A Collaborative Approach

Marriott International’s Antoinette Van den Berg Highlights Diverse Portfolio and Optimistic Outlook

Exploring Chile’s Sustainable and Adventurous Charms with Cristóbal Benítez

Sabah’s Deputy Minister of Tourism Advocates Sustainable and Inclusive Tourism

Tad Pierson

Media Getaway 2024 Unveiled: A Conversation with Howard Salinger of the Travel Connection Group

Ajman’s Sustainable Initiatives and Unique Experiences: A Conversation with Hind Sultan Al Marzooqi

Cruise Saudi’s Ambitious Voyage: A Conversation with Mashoor Baeshen

Air Transat’s Sonia Kurek Unveils Growth and Sustainability Initiatives in Exclusive Interview

Capturing the Magic of Sable Island: Geordie Mott’s Picture Perfect Tours

Exploring Blue Diamond Resorts with Alejandro Rodriguez del Peon
TRAINING & COMPETITION

Your region selection will be saved in your cookie for future visits. Please enable your cookie for TravelMole.com so this dialog box will not come up again.

Our emails to you has bounced travelmole.com Or You can change your email from your profile Setting Section

Price Based Country test mode enabled for testing United States (US). You should do tests on private browsing mode. Browse in private with Firefox, Chrome and Safari