Excite Holidays has confirmed it is business as usual for the wholesaler following the demise of a marketing company founded by its chief executive that owed it a significant amount of money.
Australian search marketing provider Adlux has collapsed with debts of more than $3.5 million – $842,735 of which is owed to Excite, Mumbrella revealed on Tuesday.
Excite chief executive and co-founder George Papaioannou was also a major shareholder and founder of Adlux with Excite’s other co-founder, Nicholas Stavropoulos, acting as the marketing company’s chief executive from August 2009 to June this year.
However, Excite stressed that the Adlux collapse will have no impact on the online travel wholesaler.
“The unfortunate collapse of Adlux has absolutely no implications for Excite Holidays,” Papaioannou insisted.
He instead highlighted year on year growth for Excite since its inception in 2002, with growth of 104% in the last financial year.
“I’m extremely proud of everything Excite Holidays has achieved through both commercial acceptance by travel agents, and the technological advancements we have made in a relatively short period of time," Papaioannou said.
“We are looking forward to continuing our strong relationships with agents in the future.”
