Fexco confirms heads of agreement signed with CNG

Fexco have confirmed that heads of agreement have been signed with Kenmare based travel company CNG for the “Places To Stay Division” of CNG. The majority of staff employed in the “Places To Stay Division” are based in Kenmare. Due diligence will now take place, and no further comment will be made by Fexco until this process has been completed. A spokesperson for CNG also confirmed that talks with Fexco were advancing.Approximately 50 staff are employed in the places to stay division and the majority are based in Kenmare. In July CNG announced that it had received an informal and unsolicited approach which may lead to an offer on the company, however it’s believed that this does not relate to Fexco. Just under 70 staff are employed at the CNG headquarters in Kenmare, and a further 280 across Europe and the US.