Travelzest boss in clear as fiddling charges dropped

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Travel industry veteran Chris Mottershead was suspended in April as chief executive of the AIM-listed travel agent he founded and floated four years ago, accused of "misappropriating company funds".

Today, however, Travelzest told the stock market its two-month investigation had been concluded and found: "The allegation is unsubstantiated and all monies are accounted for."

Travelzest said it regretted any upset or distress caused. It added that, while it is lifting Mottershead's suspension, he is quitting the firm anyway.

It is understood that at the time of his suspension, Mottershead was on the verge of quitting Travelzest to rejoin TUI, the Thomson Holidays group of which he was UK managing director before he set up Travelzest.

He is said to have been about to run TUI's Canadian operations, putting him in direct rivalry with Travelzest, which does 40% of its business there after the acquisition of Ontario-based itravel2000.

Mottershead was in discussions with TUI for a takeover of Travelzest last year but that foundered on the opposition of shareholders such as the Carroll family, the former owners of itravel2000 who own 28% of Travelzest.

Mottershead will be succeeded at Travelzest by Jonathan Carroll.