CNG founder resigns

22 Jun 2005

The founder of Kenmare-based online hotel booker CNG has resigned as chief executive officer and a director of the company.

Finbarr Power led the company to a flotation on the Alternative Investments Market in London last year. However, the company has since been dogged by poor financial performance and last week an earnings warning caused the company’s share price to fall 15pc. The company last December made a loss of €5.6m on a turnover of US$55.5m.

In a statement this afternoon CNG said Power has left the company “to pursue other interests”. The statement said these other interests include “the possible acquisition of the business-to-consumer leisure division of the company”.

It is understood PJ King, currently CNG’s chief operating officer, has been appointed as acting chief executive officer.

By John Kennedy