‘Ticking time bomb’ for struggling travel firms
Director Ian Oakley-Smith, responding to Ireland’s biggest operator Budget Travel going to the wall, said: “Despite an increase in failures this year, the travel sector has experienced a relatively low rate of insolvency, compared to other hospitality and leisure sectors, so far.
"While the weak pound and domestic holidaymaker benefitted many travel companies, there is also an element of lenders not wishing to add to the company casualty list and propping up loss making businesses.
"Ski slopes will be desolate this season, as will early summer bookings, and inevitably this may mean a ticking time bomb for some struggling travel companies currently being valiantly assisted by financial stakeholders."
PwC travel & tourism insolvency statistics
Q4 2007 = 19
Q1 2008 = 11
Q2 2008 = 12
Q3 2008 = 24
Q4 2008 = 15
Q1 2009 = 27
Q2 2009 = 12
Q3 2009 = 14
Total = 134
Phil Davies
Have your say Cancel reply
Subscribe/Login to Travel Mole Newsletter
Travel Mole Newsletter is a subscriber only travel trade news publication. If you are receiving this message, simply enter your email address to sign in or register if you are not. In order to display the B2B travel content that meets your business needs, we need to know who are and what are your business needs. ITR is free to our subscribers.
































Airlines suspend Madagascar services following unrest and army revolt
Qatar Airways offers flexible payment options for European travellers
TAP Air Portugal to operate 29 flights due to strike on December 11
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Airbnb eyes a loyalty program but details remain under wraps