Mon, 10 Jan 2011 | ADMINISTRATION
PwC administrators have taken control of beleaguered coach firm Diamond Holidays, suspending all holiday excursions while options are assessed.
The business, one of the largest coach operators in Wales, transports 80,000 customers a year on day trips and package holidays to hundreds of places throughout the UK and Europe. Established in 1954, it has 86 employees and a yearly revenue figure close to £11 million.
A forensic examination of the accounts for the company, registered as D Coaches Ltd, is to be undertaken by financial experts.
Joint administrator Roger Hale said, “The companies have suffered as a result of the ongoing economic challenges facing this particular segment of the travel and hospitality sector, including increased fuel and other costs, which resulted in difficult trading conditions.
“In the short term, the administrators have suspended business operations while they assess the options available. No holidays or day trips will leave until further notice," he added.
Customers who had booked holidays with Diamond Holidays are entitled to reimbursements, the administrators have said.
Meetings are to be held with parties who have expressed interest in acquiring the Welsh coach operator. Edward Coaches, based near Pontypridd in Wales, is said to be one of these.
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