Cheapflights will continue to monitor the effects of the global economy on the stock markets before making a crucial decision over the future of the business. The appointment of seasoned city figure and former-Dixons chief executive John Clare as non-executive chairman had heightened speculation that the price comparison site will shortly be seeking a listing…
Cheapflights will not be rushed into float decision
Cheapflights will continue to monitor the effects of the global economy on the stock markets before making a crucial decision over the future of the business.
The appointment of seasoned city figure and former-Dixons chief executive John Clare as non-executive chairman had heightened speculation that the price comparison site will shortly be seeking a listing on the London Stock Exchange.
However it is understood that Cheapflights will not be rushed into a floatation of the company on the London Stock Exchange.
Clare joins Cheapflights after retiring in September 2007 as CEO of the Dixons Stores Group, owner of the Currys, Dixons and PC World retail and online chains.
He will replace Oliver Burge, who is stepping down as chairman but – as one of the company shareholders – will remain on the board of directors as a non-exec.
Chief executive David Soskin said: “We have built a leading UK online travel deal price search and comparison company; we have duplicated that success in the USA; and are expanding the Cheapflights brand globally.
“John Clare’s direct experience of the internet and of building businesses and brands internationally will be of enormous value to the Board as we enter this exciting new phase of growth.”
Meanwhile, visitors to the company’s Canadian site, Cheapflights.ca, are starting to see some of the initial redesign work being produced as part of a wider overhaul of the Cheapflights’ brand.
Beta testing of new functionality is also running on the Cheapflights.com site in the US.
Clare said: “Cheapflights has built a leading position in its online media space. Not only has the company shown itself to be a successful innovator, it has also proven that a UK dotcom company can succeed and be profitable in the highly competitive US market.”
Cheapflights has also this week appointed Paul Hecht as group product director. Hecht joins from Expedia where he was senior product director.
