Travelzest has announced today that it has successfully raised £5.7m and resumed trading on the Alternative Investment Market (AIM).
Last week, the group temporarily suspended its shares on AIM, part of the London Stock Exchange, after missing a deadline to raise £2 million after investment company Newco pulled out of the deal.
The money was due on August 28 and was part of a bid to raise £5.7 million to meet closure costs for its online business Holiday Express, as well as to repay a £2 million debt due in November.
The additional funding has been sourced from Merchant Securities, and Mark Molyneux and Jack Fraser, the group’s non-executive chairman and chief operating officer and financial director respectively.
Travelzest’s chief executive Jonathan Carroll, said: “This has been a challenging six months for Travelzest as we have restructured our business. We are delighted with the support that we have received from our shareholders and bankers. We have set a clear direction and have positioned the Group to succeed.”