MISSISSAUGA, ON — With its UK-based parent Travelzest unable to repay lenders, itravel2000 will be sold to Aldenham Canada Acquisition Corporation (Aldenham Canada).
Aldenham said it made the move to acquire one of Canada’s largest independent travel companies as a strategic, long-term investment in the growing online travel industry. The agreement is subject to approval by the Ontario Superior Court of Justice.
“This acquisition ensures that itravel2000 will continue to offer customers exceptional travel selection for the best value and the lowest prices guaranteed on travel and travel related products with no interruption to services or travel,” said Chris Howell, former Chairman, Travelzest PLC. “Today marks a significant and exciting business milestone for us and for Aldenham Canada as we come together with a strengthened management team and true focus on our business going forward.”
itravel2000 customers won’t see any changes to vacations booked or being planned, and TRAVELCASH gift cards remain valid as usual.
Aldenham Canada is a privately-held, Canadian incorporated investment company focused on building long-term investments in the online travel sector. The company is backed by a group of investors including Elleway Acquisitions, which has previously provided financial support and investment in itravel2000.
“itravel2000 is a strong company, with significant brand and commercial value. Our team looks forward to working with them to help drive future business success,” said Chiko Nanji, Director, Aldenham Canada. “We recognize that there has been significant change over the last few years at Travelzest and itravel2000. As an independent and private owner, we are committed to making decisions and dedicating resources to support the future growth of the itravel2000 brand and building on its fantastic business, team and offering. In many ways, this is fresh start for one of Canada’s most successful online travel companies as a private, Canadian-based, customer-focused travel company.”
Aldenham Canada it is excited by a series of recent appointments to strengthen itravel2000’s management team.
Omar Ahmad has been appointed Chief Strategy Officer and comes to itravel2000 from WestJet where he served as strategic advisor. He is a co-founder of Expedia, and has also served in senior and executive roles at American Express, Expedia and Joob. Also recently added are Rose Cosentino, Vice President, Sales & Product; and Nick Polifemi, Vice President Business Development.
Aldenham Canada also announced that Nigel Jenkins and Chris Howell have agreed to stay on with itravel2000 in the short term to assist with the transition.
Aldenham Canada said it moved quickly to come to an acquisition agreement for itravel2000 in order to protect the iconic brand and save more than 200 Canadian jobs.