p6 News Feb 6 4/2/09 21:04 Page 6
news
ttglive.com
Zoom airline could fly again
Chris Gray.
not feel comfortable on the internet, and other said negotiations with Globe Span Capital to
A CANADIAN financier is aiming to revive failed people who may want advice,” he said. bring Zoom out of bankruptcy were expected to
transatlantic carrier Zoom and offer flights from A deal for Hultquist-Morrissey’s company Globe be completed within weeks.
London to Toronto and Vancouver later this year. Span Capital to acquire the shares and assets in He said negotiations over the price were
James Hultquist-Morrissey plans to use the Ottawa-based Zoom Airlines Inc is being finalised still continuing but under Canadian law, Globe
Zoom name and two Boeing 767-300s previously with the Canada bankruptcy trustees. Span Capital would have to pay creditors more
leased by the failed carrier to start flights to The deal does not involve the sister company than they would receive if the company was
mainland Europe and the UK later this year. Zoom Airlines UK. wound up.
He believes consumer faith in the brand can Last year Zoom’s owners John and Hugh Boyle
be restored despite Zoom’s collapse and plans to blamed high oil prices for the airline’s collapse.
offer a two or three-class cabin rather than the Hultquist-Morrissey said the drastic fall in fuel Boyles’ firm told to stop adverts
original airline’s no-frills model. prices since then had created an opportunity. In a separate development the Boyles’ Go
Hultquist-Morrissey told TTG he would offer Analysts warned that although fuel and Travel Direct company has been given a formal
agents about 8% commission and ensure trade aircraft leasing costs were now much lower, the warning for advertising flights between
and direct prices were the same to give him venture was still “very high-risk”. Canada and London on Finnish carrier Finnair.
wider distribution than the original Zoom, which “Resurrecting a failed brand in an economic The Canadian regulator said Go Travel
went bust in August 2008. environment like this will be very challenging to Direct had no licence to operate the flights
“The previous carrier felt it did not need travel say the least,” said one. and ordered it to stop the adverts. The Boyles
agents but there are still people booking on the Paul Salewski, a partner of Doyle Salewski, could not be contacted for comment.
high street and elderly people who do which is acting as bankruptcy trustees for Zoom,
Jet2holidays
airport was visited by Greg Mulholland, MP for
Leeds North West, who met managing director
Ideal Cruising is
Richard Bodin to tour the facilities. A further 10
creates 40 jobs
positions will be created in the next few months.
still open to offers
Mulholland said: “In the current economic
climate it is pleasing to see the creation of IDEAL CRUISING chairman Ian Brooks will still
new and much-needed jobs for local people, consider selling the business following the failed
JET2HOLIDAYS.COM was praised this week after all operating from this superb new facility.” takeover by Lowcosttravel, but only at the right
its decision to relocate its call centre from Delhi Bodin said: “We felt by bringing our call centre price.
in India helped create 30 much-needed jobs at operation back home, we could deliver what our Talks about a deal, first announced in October,
its Yorkshire base. customers want by employing only the best qual- hit stalemate after Lowcosttravel reduced its
The firm’s headquarters at Leeds/Bradford ified staff – importantly, from the local vicinity.” valuation of the online cruise retailer in the light
of the recession.
Brooks said he understood the decision but
that the parties were too far apart on a valuation
to come to an agreement.
“We never had the ‘For Sale’ sign up, but we
actually had three parties interested in the
business – and it turned out Lowcosttravel was
the most interested,” he said.
“If you are selling you want to sell at the
maximum possible price, and if you are buying
you want to buy cheap.
“I’m not saying cruise is entirely recession-
proof, but from our perspective, January trading
certainly suggests there is healthy demand.”
Lowcosttravel director Laurence Hunt said
now was a time for “conservative” valuations on
companies.
Back home: Richard Bodin (right), Jet2holidays managing director, and Greg Mulholland MP at Leeds/Bradford airport ■ Cruise news, p22
06 06.02.2009
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