Published on Wednesday, August 3, 2011
Turkey specialist Holidays 4U, which was also trading as Aegean Flights, has collapsed with 12,000 holidaymakers overseas.
Ian Oakley-Smith and David Chubb of PwC have been appointed joint administrators of the Brighton-based company, where 18 people were employed. Most of them have lost their jobs.
Oakley-Smith said: "The company has suffered because of the difficulties faced by the travel industry during 2010 and 2011, as a result of the economic downturn. The director has determined that the business is no longer able to trade and placed the company into administration.
“The company will cease operating with immediate effect. Regrettably most staff have been made redundant. We will be working closely with employees affected by this decision to ensure they receive the support they need during this difficult time to assist with their claims for redundancy and other compensatory payments.”
The company, which had an annual turnover of £35m, held an ATOL licence and was a member of ABTA.
It specialised in selling flights and package holidays to Turkey. Customers currently abroad will be repatriated by the CAA while those who are yet to travel have been advised to contact their travel agent. Those who booked direct with the company have been told to see the CAA's website.
Passengers booked with the company on all future flights, including tonight's flight from Manchester to Dalaman at 21:00, should not travel to the airport and should refer to the Civil Aviation Authority for more information, said the administrators.
By Linsey McNeill
Move scroll bar (above) left to right for more videos!
The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.