CNG Travel to float on London Stock exchange

CNG Travel, the Irish-based hotel room distribution firm, are to float on the AIM market on the London Stock exchange.

It will involve the placing of over 21 million ordinary shares to raise £22.1m for the company.

The flotation will repay loans, buy a 20% stake in Tzell and fund the global distribution of its hotel transaction software TLC.

Tzell is a US corporate travel agency, which provides access to other travel agents catering for Small businesses.

Tzell’s sales come from airline bookings for which it receives a commission and a quarterly volume bonus from the airlines.

CNG Group was established in 1999 in Ireland and has become one of the largest distributors of hotel rooms in the.