Lastminute.com buys travel firm

Lastminute.com - remember them? - has bought online travel outfit The Destination Holdings Group Limited (DGL) for £12 million in cash and shares.

The one-time dotcom darling reckons the acquisition is good for business and will have an immediate positive contribution to operating cashflow.

DGL has been going for 16 years with 75 per cent of its bookings now made online.

The company trades online under the travel4less brand.

DGL notched up sales of £28.3 million in the year to the end of April 2001 and made a pre-tax profit of £1.1 million.

On Monday lastminute.com, formed a strategic partnership in Germany with LCC24, the newly established online travel agency for Lufthansa City Center.

Lastminute.com said it would acquire 20 per cent of LCC24 for £2.4 million as part of a plan to
create the largest online travel agency in Germany.

By noon shares in lastminute.com were up 4p (4.76 per cent) at 88p. ®