Naturist tour firm seeks funding

Travelzest, which owns the UK's biggest naturist tour operator, has had its shares suspended as it seeks funding to pay off its debts.

The company was planning to sell shares worth £5.7m to investors to meet the costs of its debt and of closing its Holiday Express business.

But investors pulled out late on Friday, prompting Travelzest to ask for its shares to stop trading.

The firm said there was a "material risk" of insolvency.

Travelzest is in discussions over another share placing that would find it the funds to pay £2m of debt that is due to be repaid in November.

"Jonathan Carroll and Jack Fraser, two of the five shareholders in (the company that was to inject funds into Travelzest), remain committed to investing on the agreed terms," the company said.

http://news.bbc.co.uk/2/hi/business/8231556.stm