Dublin-based Chase Travel firm closes

DUBLIN-BASED travel wholesaler Chase Travel has ceased trading. The company, which sells hotel rooms on a wholesale basis to travel agents, employs approximately 30 people at its offices in Malahide, Co Dublin.

Consumers are not likely to be directly affected by the closure of the company as the firm sells hotel rooms to travel agents rather than directly to consumers.

Simon Nugent, chief executive of the Irish Travel Agents’ Association, said he expects the impact on consumers to be “minimal”.

“Because it supplies beds to the trade, rather than directly to the customer, travel agents will make alternative arrangements for customers.”

Mr Nugent said the association had already been in contact with its members about making alternative arrangements.

Chase Travel was founded by Brazilian-born Darryl Ismail in 1990. A former Entrepreneur of the Year finalist, Mr Ismail (42) won the Permanent TSB Ethnic Entrepreneur of the Year award in 2009.

Chase sells to travel agencies across the world, as well as Ireland. It offers discounted prices on up to 40,000 hotels and apartments across the world.

Based in the Northern Cross industrial estate since 2005, the company employed 112 staff at its peak, and had more than 16,000 clients worldwide.

The latest filed accounts show the company turned an operating profit of almost €900,000 in the year to April 2008, an increase of around €180,000 on the 12 months to April 2007.

The company had retained profit of €2.7 million as of April 30th, 2008.

While it is believed that Chase Travel was also profitable in its last financial year, it is understood the company had been reducing its activity in recent months.

Mr Ismail is the sole shareholder in the company.