28/06/2004

The Travel Company buy up Corporate Travel International

PricewaterhouseCoopers (PwC), the joint administrators of Corporate Travel International have announced the successful sale of the business and assets of the subsidiary to The Travel Company.

Corporate Travel International, a subsidiary of Cyberes plc was placed in administration on June 23 this year following cashflow difficulties that meant the group had insufficient cash to meet its monthly license commitment to IATA.

Based in Hull, Humberside, Corporate Travel International, which includes the Flightshop business, operates from seven branch offices across the North of England and provides travel services to the corporate, retail and Internet travel markets.

Steve Ellis, joint administrator at PricewaterhouseCoopers, commented: “We are delighted to conclude a sale of the business so swiftly, in circumstances where clients had an on-going need for service and hence a limited period in which to remain loyal to the business.

"It’s a testament to the efforts of all concerned, particularly company staff in difficult circumstances that this has been achieved so quickly. We’re especially pleased that the sale will preserve the employment of not only the core workforce we retained to keep the business going over the last few days, but may also provide an opportunity for most of the staff made redundant to return. Overall we believe this to be an excellent outcome for creditors of the company.”

Corporate Travel International has operational centres based in Hull and Hessle, in addition to individual branches in Leeds, Hull, Manchester, Liverpool, Bradford and York.

Established in 1981, The Travel Company is the UK's largest independently owned travel management company. The Group has annualised sales in excess of £200 million and the group employs over 400 people.

The firm operates a 24-hour, year round service and has VIP Service Teams based at both Heathrow and Gatwick Airports. Talking Point is the Travel Company's conference and incentive division.

The Travel Company has global presence through the SYNERGI Global Travel Management network.

(SP)

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