goireland.com closes with the loss of 50 jobs

Travel Mad (goireland.com), the internet travel and reservations company is closing with the loss of 50 jobs, 22 in Dublin and 22 in Letterkenny, Co Donegal.

The company offered online reservations for tourism providers.

It had established websites in a number of European countries.

A large proportion of its business came from the US.

The general economic downturn and a slowdown in tourist business from the US since the September 11 attacks hit the company badly.

That, and a failure to raise funds meant that it could no longer carry on.

TravelMad's Chief Executive, Alan Sweeney, said that the company had been seeking funding of £3.4m but had been unable to raise the full amount.

The company, founded by Alaistair Kidd, had the backing of businessman Martin Hawke.