Travelzest chiefs' buyout rejected

The board of Travelzest, the company which used to organise nudist holidays, has rejected a management buy-out.

The travel group, whose brands include holiday.co.uk and two Canadian holiday businesses, had been considering selling the Canadian businesses to the chief executive, Jonathan Carroll, and finance director, Adrian Cobbold, backed by private equity.

Nigel Jenkins, non-executive chairman, added: "Despite considerable efforts, we have been unable to reach an agreement on a price for the Canadian businesses that fairly reflects their value and which would have been acceptable to a majority of the company's shareholders."