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Published on Thursday, April 30, 2020

Protected Trust Services sees spike in enquiries

Protected Trust Services is reporting a sharp rise in membership enquiries compared to April 2019.

It says it saw a spike following the collapse of Thomas Cook but Covid-19 has generated 'unprecedented demand'.

It has received 87 enquiries this month compared with 52 last April, despite having halved its marketing spend.

PTS said some of the enquiries have come from 'great names' in the industry but said it could not disclose which ones at this stage.

"Most interestingly many are trading companies," said a spokesman.

"There is a significant increase in trading companies looking to move to the PTS trust account model. Currently we have 12 new members coming through application to join PTS since April 1, a mix of trading and start-ups, which is a fantastic month for new membership during Covid-19.

"It's a true indicator that trust accounts are being adopted and many UK travel businesses are preparing for a more robust financial protection that strengthens their business when they emerge from Covid-19."

Managing director Daniel Landen added: "There are many myths about independent trust accounts that are simply not true. All travel companies have complete control of their own business monies and due to PTS technology reconciling accounts daily you can see your monies for each client, for each ATOL booking, for each supplier, for each consumer. You have more control than ever before."

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