World Travel snaps up rival

A deal with uTravel provided Aim-listed World Travel with a much-needed boost to its flagging share price. Roxanna Mohseni reports.

World Travel, the on-line travel agency spun out of fully-listed Culver in September, has seen its valuation halve as sentiment toward dotcoms has soured. However, shares leapt 12 per cent on news that it had snapped up the website and customer database of uTravel.

UTravel, the B2C holiday site, was shut down a fortnight ago by its owner United News & Media 'in the light of the extremely competitive conditions in the on-line B2C travel market'.

Nevertheless World Travel described the database of 46,000 users as 'of particular interest to WT since they are not only proven users of the web but also have a demonstrable interest in travel'. However, WT would not disclose the details of the deal. 'It's a question of delicacy', according to its PR company.

Shares closed up 5p at 46.5p, valuing the group at £26.5 million.

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