Quick sale for CTi

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.