Travelzest shares suspended

Sep 2 2009 by Peter McCusker, The Journal

SPECIALIST holiday firm Travelzest is trying to fill a £2m funding gap after its shares were suspended.

The company, which owns the UK’s biggest naturist tour operator, wanted to raise £5.7m through a share placing to meet closure costs for its Holiday Express online business and repay £2m in debt due by November.

But investors responsible for £2m of the funding pulled out late on Friday – prompting Travelzest to ask for its shares to be suspended.

Travelzest, has said it faces a “material risk” of insolvency without the fundraising move.

Jonathan Carroll and Jack Fraser, the chief executive and finance director of the firm, remain committed to taking part in the fundraising.