The board of dreamticket.com announced this week (7th February) that it is giving its staff and suppliers notice that the independent on line travel agent is to be wound up with immediate effect.
The board has concluded that conditions set by two new investors cannot be achieved before the company runs out of funds.
dreamticket.com has been enormously successful in achieving its objectives over the last twelve months, despite the collapse of the investment sentiment in April last year: more specifically, it has demonstrated very strong revenue growth in January, signed up a number of strategic distribution partners, concluded long term and highly competitive deals with all the major tour operators, built an extraordinarily cohesive and effective team and its technology is still at least twelve months ahead of any competitor.
Since dreamticket.com started trading in August 2000, it has taken over £3 million in revenue, whilst spending relatively little on marketing. The average transaction value for holidays sold was approximately £1500. The company had also secured deals from all the major UK tour operators including; Thomson Group; First Choice Group; Airtours Group; Thomas Cook Group; and many others and negotiated very competitive commission rates. There are currently a number of companies who are interested in buying dreamticket.com and discussions are underway.
Lawrence Hunt, CEO dreamticket.com said. `As a responsible management team we have taken the decision to start winding up the company, while the company still has funds available.
The hard work, talent and commitment of the dreamticket.com staff has enabled us to grow the business during a difficult investment climate. We have a very profitable business model, extensive access to product and some major distribution relationships in place. We hope we are able to salvage some of these assets in the next few weeks with potential investors or buyers.`
All customer travel booked will be honoured by the travel partners and all of dreamticket.com`s customers are protected through dreamticket.com`s extensive ABTA bond.