The future of Travelzest, the company behind the British based nudist vacation operator Peng Travel is in doubt this week after the company failed to secure £2m pledged to it in a fundraising.
Despite the uncertainty, the company is continuing to send out flyers for its naturist winter vacation programme.
A source close to the company claims that two shareholders withdrew an offer to inject fresh funds into the company after they tried to change the terms of the deal at the last minute.
AIM-listed Travelzest thought it had raised £5.7m through the issue of new shares, funds it needs to meet lending agreements with its banks. It announced on Friday morning to the stock exchange that investors had approved the share placing.
However, after the market closed in the afternoon, the company said that investors accounting for £2m of the new funds had failed to meet the deadline for paying the money, and that it would need to find an alternative means of securing the funds.
It has asked for its shares to be suspended, “pending clarification of its financial position”.
We’ve been a great supporter of Peng in the past, and we continue to wish them a great future, but if you’re planning to book with Peng this winter we would advise that you find out exactly what the position is before you commit yourself.