Online flight search company Cheapflights has said that it is pulling out of its scheduled IPO due to prevailing market conditions.The review was intended to provide shareholders with alternatives to obtain a return on their original investment. These included an assessment of the relative attractiveness of a strategic partnership, an IPO or a private equity investment.
Non-executive Chairman, John Clare, commented: “While we have considered some attractive alternatives over the past year, in the light of the contrast between financial market conditions and our Company’s continuing strong momentum, we have decided to conclude our process for the time-being. Our investors remain strongly committed to the business and firmly believe the best is ahead of us.”
CEO Chris Cuddy added: “Our plans are to continue with our substantial investment in technology as well as to roll out internationally. Cheapflights’ database of flight deals has proven benefits both for consumers seeking bargains and for travel advertisers who want qualified leads. These benefits are especially pronounced in challenging economic times when value for money has become even more important.”