Cyberes folds after “cash crisis”
Internet flight consolidator Cyberes Systems has collapsed, bringing down seven-branch subsidiary Corporate Travel International Limited with it.
Accountancy firm PricewaterhouseCoopers was appointed administrators of Harrogate-based Cyberes and CTIL, which was based in Hull.
The Civil Aviation Authority called in the ATOL bonds of both companies but assured the majority of passengers that flights will be honoured and those abroad will be able to fly home as planned.
PWC partner and joint administrator Steve Ellis said Cyberes faced a cash crisis due to a drop in business and was unable to meet its monthly IATA payments.
He said: “The Cyberes business had not attracted sufficient customers to generate positive cash-flow leading to a cash crisis at the business, despite Corporate Travel International Limited trading profitably.
“When investors would not provide further investment, the group had insufficient cash to meet its monthly payment to IATA and its license to issue tickets has been withdrawn. Consequently the group has effectively ceased to trade.
“We have maintained a core workforce to hold the business together whilst we talk to potential buyers in the short term.”
A PWC spokeswoman said the situation came about due to cash flow difficulties rather than significant levels of debt.
Cyberes employed 30 staff and had a turnover of £30 million with CTIL employed 120 people across seven branches in the North of England with an annual turnover of £35 million.
Cyberes was an air travel wholesaler that used an internet system to provide independent travel agents with automated booking and ticketing facilities. Business travel agency CTIL operated under the trading names The Flight Shop, The Cruise Shop, Stellaris Leisure, CTI Global Events, CTI Leisure and CTI Sport.
The CAA was unable to say how many passengers were abroad or how many forward bookings both companies had.
However, seven airlines – Emirates, KLM, Malaysia Airlines, Northwest Airlines, Royal Jordanian, Singapore Airlines and KLM UK – have provided guarantees to the CAA and will honour flight-only bookings even where tickets have not been issued.
But customers booked on other airlines will not be able to travel and have been asked to contact the CAA to obtain a refund.
Report by Phil Davies
Phil Davies
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