Western & Oriental sells travel division to focus on events

W&O Events owner Western & Oriental has announced the sale of its loss-making travel division for £1.5m to focus on its events business.

Western & Oriental sells travel division to focus on events
Western & Oriental sells travel division to focus on events
Western & Oriental's Travel Business reported a loss from continuing operations of £6.1m on revenues of £32.9m for the year ended 30 September 2010.  

The business has been sold to W&O director Raj Kumar’s Furze International, pending shareholder approval on 7 April.  

The company also plans to delist from the alternative investment market (AIM) to save overhead costs.  

Events growth

W&O Events managing director Sallie Coventry said: "This is brilliant news for us as an agency. We are stripping out unnecessary overheads and the whole team, including the board of the PLC, will concentrate on delivering outstanding events and growing the business."  

The events division reported profits of approximately £700,000 on revenues of £13.8m for the year ended 30 September 2010.

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