Trailfinders boss predicts ‘widespread’ travel agency failures
Trailfinders’ founder and chairman Mike Gooley warned that coronavirus will have a ‘profound effect’ on the business in the current financial year as he announced a pre-tax profit for 2019 of £45.7 million.
He said the company had already had 150,000 bookings cancelled due to the pandemic.
"However, our traditional culture of trust accounting, together with prudent stock piling of immense free cash reserves, shield us to the extent we can trade as usual for at least two years without commission income, or needing to borrow against our substantial freehold portfolio," he said.
Gooley suggested there would be widespread failure among ‘weaker’ agencies, which will benefit Trailfinders. He claimed the company will return to ‘substantial’ profit in 2021.
He pointed out that the company has expanded organically, with no new investment or any borrowings, over the last 35 years.
By Linsey McNeill, Editor (UK)
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent
Strike action set to cause travel chaos at Brussels airports
Phocuswright reveals the world's largest travel markets in volume in 2025