Virtuoso ditches Cox & Kings over liquidity concerns
Luxury travel agency network Virtuoso has pulled out of a partnership with Cox & Kings in the US and Dubai, due to the ongoing financial issues with the Cox & Kings India business.
Cox & Kings India has been struggling for several months now and has defaulted on multiple debt repayments.
It also had its IATA license revoked.
Although Cox & Kings US is affiliated with the UK registered business and not India, Virtuoso members are wary of doing business.
"As part of Virtuoso’s contract-compliance process, Virtuoso asked both companies to provide us with financial assurances. However, with continued negative financial reports from their India operations, our members began to lose confidence, which resulted in their termination," Virtuoso said in a statement.
"We have shared the news with our membership and recommend that members reconfirm reservations if they have bookings with either company."
Fears are rising over the future of Cox & Kings India following the demise of another of the world’s oldest travel companies Thomas Cook.
Cox & Kings’ Australian businesses Bentours and Tempo Holidays closed down last week due to lack of funds and its financial plight also led in part to the closure of UK travel brands Superbreak and LateRooms.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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