W&O board approves sale of travel division
The group of travel companies owned by Western & Oriental, including W&O Travel and Regent Holidays, will be bought by Furze International.
The statement said the sale was progressing having been approved by the board and a purchase agreement was due to be signed "within days" ahead of the deal being approved by shareholders.
Western & Oriental Travel managing director, Kerry Golds said: “Our commitment to securing a strong future for the business remains steadfast and we are scrutinising ways in which we can invest in and grow the business in the short, medium and long term.
"We will continue to make significant investment in the travel trade and our absolute commitment to delivering a specialist service of the highest standards is unchanged.”
W&O shareholder Raj Kumar, of Furze International Limited, yesterday agreed with the Board to provide in excess of £4m funding in the form of guarantees and cash to finalise the sale and create investment for the future growth of the tour operations division, the statement said.
The group had previously announced the?intention tp sell?the travel division on January 26 and February 1 and discussions with all other potential buyers have now be