Administrators sell off subsidiaries of Online Travel Group
Administrators for specialist travel intermediary, Online Travel Group, have managed to sell off two of its subsidiaries.
World Travellers UK, a member of Freedom Travel Group, has been sold to World Ski & Travel Limited, covering existing customer contracts, client database, branding and website.
Meanwhile, Online Travel Group’s insurance assets have been sold to Online Travel Insurance Services Limited, regulated by the FSA and run by a director of the previous business.
Included in the sale is the insurance book, agency agreements and trading brands Onlinetravelcover, Cheap4travelcover, and Skicover.
“We have concluded both these sales as the most advantageous to clients and creditors of these businesses,†said one of the administrators Neil Bennet.
“In order to maximise their value we believe it was essential to complete the transfer as soon as possible, particularly in view of the current credit crunch.â€
He said the company’s ferry booking business is not included in the sale and it continues to operate a help line for customers – 0870 423 3030.
“Clients who have already travelled are unaffected. However, those who have yet to take up their booking may wish to contact this number before they travel,†added Bennet.
Online Travel Group Limited was placed into administration on September 25.
The company, launched in 1999, had a turnover of £7.7 million for the year to March 2007, up £2.5 million from the previous financial year, providing travel insurance, and bookings for ferry crossings, airport parking, hotels and holidays.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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