Travelzest has temporarily suspended trading its shares on the Alternative Investment Market (AIM) after missing a deadline to raise £2 million.
The money was due on Friday and was reported by the Press Association to have been part of a bid to raise £5.7 million through a share placing to meet closure costs for its online business Holiday Express, as well as to repay a £2 million debt due in November.
However, the investment company Newco pulled out of the deal late on Friday after missing the payment deadline, leaving Travelzest bosses to request the share suspension.
Two of Newco’s five shareholders Jonathan Carroll and Jack Fraser have added they remain committed to making the investment on the agreed terms.
Travelzest bosses were available for comment although a spokeswoman said it is hoped the £2 million deal will be completed by the end of the week.