Roamfree founder Tony Smith

Roamfree founder Tony Smith

The Gold Coast Bulletin reports that former online travel high-flyer Roamfree was placed  into voluntary administration late yesterday after it failed to reach a debt-servicing agreement with its noteholders.  Ferrier Hodgson’s Tim Michael and Will Colwell have been appointed to take control of the company. The group’s subsidiary trading companies, BookEasy Pty Ltd, Roamfree Pacific and majority-owned Tourism Technology, are not affected, the paper said. Roamfree, now run by Mark Frawley, has rarely been out of the news since it was founded by flamboyant entrepreneur Tony Smith, who reprised the 1980s by splashing cash around and buying an extraordinary range of companies in a short period of time. Smith left the company last year after his personal fortune collapsed under the weight of debt combined with the stockmarket crash.

Story at: http://www.goldcoast.com.au/article/2009/08/25/111495_gold-coast-business.html

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