CORPORATE
Travel International, a division of crashed company Cyberes, has been bought by
The Travel Company for an undisclosed sum.
Cyberes
went into administration last Wednesday after cashflow difficulties meant the
group did not have enough money to pay its monthly licence payment to IATA.
Hull-based
CTi, sold to Cyberes earlier this year in a £2.25 million deal, employed 120
staff with a £35 million turnover.
PricewaterhouseCoopers
administrator Steve Ellis said: “We are delighted to conclude a sale so
swiftly in circumstances where clients had an on-going need for service and a
limited period in which to remain loyal to the business.
“We’re
especially pleased the sale will preserve the employment not only of 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.”
The Travel Company employs more than 400 people and
has annual sales of more than £200 million. Its managing director is David
Whittaker.