Olly Brendon • 4 years ago
Erm - 'Strong foundation'. They lost £1.3m y/end 31 March 2019. Of course an 'injection of cash from government schemes was unsuccesful' as they wouldn't have qualified for a CIBL loan or any other type of loan.
People who behave like this make it more difficult for the whole travel industry in terms of retaining merchant services, getting credit from suppliers & banks and regaining consumer confidence when this is all over. It's not illegal but it's highly immoral. Suppliers and their credit card merchant will foot the bill and the whole travel industry will suffer as a result. If you're going to go bust, at least do it with some dignity.
Travelhound • 4 years ago
Bonkers... bust owing £4million to customers and £2million to creditors. CAA and credit card companies to foot the bill. Two space cadets who thought they could reinvent the industry.
Fabio • 4 years ago
Who in their right mind would be give these two any credit, insurance or an ATOL in the future after leaving a £6million liability behind them.
I know it is covid and not them, however their brazen attitude of buying back a failed business to relieve itself of any responsibility is outrageous.
In regards to the administrator they probably had no alternative than to accept a ridiculously over priced bid (thanks to a remortgage) for a 🍋 of a business.
Ash Willcroft • 4 years ago
Must be from the Kane Pirie school of business!
Fabio • 4 years ago
Credit to Pirie though. At least he did not rely on the CAA/Credit Cards and Thr Travel Vault to bail him out.
Ash Willcroft • 4 years ago
How much is an ATOL these days? £50K? Are we supposed to believe this lot actually have that kind of money?
Fabio • 4 years ago
So this is now acceptable is it? for tour operators going forward?
Build up raging debts, go in to administration, let the CAA and their insurers sort out the mess, and then buy back the business debt free from the administrators.
Am I the only one who is not comfortable with this precedent?
Dev Indur Bhojwani • 4 years ago
How can a business that's gone in to administration be said to "have a strong foundation" ?
Ash Willcroft • 4 years ago
Travel Weekly will print any old guff.
It is a disgrace that this is even allowed to happen. I agree Olly Brendon this is highly immoral and gives tour operators and the entire industry a bad name! How can ATOL even consider giving them another license? Funny how they turn around the day furlough is extended.