Buchanan set for CNG push

DUBLIN: Travel technology company CNG Travel Group has recruited Buchanan Communications ahead of a planned AIM listing in early May.

The deal is expected to raise £40m, giving the company a market capitalisation of £100m.

CNG Travel provides high street and corporate travel agents, and individuals with a booking service for hotel rooms and flights worldwide.

As well as improving sales in the US and Europe, the company wants to boost revenue through acquisitions and roll out its proprietary TLC booking system globally. CNG acquired US’ corporate travel agent Tzell in June for $13m (£7.11m).

Buchanan will handle relations with the press, analysts, and private client brokers throughout the UK and Ireland. The account will be led by Buchanan director Bobby Morse, reporting to CNG Travel Group CEO Finbarr Power.

‘CNG is ideally positioned to benefit from the rapid changes in the hotel room distribution market,’ said Power. It has a stock of over 16,000 rooms in hotel groups such as Marriott.

In the year to 31 December it achieved turnover of £222m. It employs 50 people in Ireland and 60 in the US.

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