Sat, 28 Oct 2023 | ADMINISTRATION
Luxtripper Ltd, a luxury travel organiser, has shut down operations with adminstrators from ReSolve putting a ‘for sale’ sign over the business assets. This follows the failure of an expedited merger and acquisition (AMA) process, the primary goal of which was to swiftly secure rescue funds or identify a potential buyer for the company as a going concern.
ReSolve partners Chris Farrington and Simon Jagger have taken on the roles of joint administrators for the business. Given Luxtripper's challenging financial situation and the limited time available for rescue, the most feasible solution was to proceed with an asset sale, which is set to finalise in the upcoming days.
Unfortunately, this development means that Luxtripper will cease its operations. As a result, 60 of its UK-based employees have been laid off. ReSolve has prioritised offering assistance to these employees, including guidance on claiming redundancy payments. Meanwhile, the Civil Aviation Authority (CAA) will extend its support to the existing clientele of Luxtripper.
Established in 2015, Luxtripper introduced innovative technology designed to simplify luxury travel planning for today's busy consumers - "we curate experiential, multi-destination & adventure travel through personalised itinerary planning to some of the most exotic destinations around the world."
Although the company witnessed substantial growth and an expanding customer base, it faced challenging business conditions in recent times, leading to overwhelming financial hurdles.
Chris Farrington, a partner at ReSolve and one of the joint administrators, commented, “Despite some of the highest interest we’ve seen from potential bidders, unfortunately the current investment climate meant that a rapid rescue of the business that secured the jobs of Luxtripper’s employees was not achievable. ReSolve will now be focused on achieving the best possible results for creditors, including finalising the asset sale, and supporting employees through the redundancy process.”
Nena Chaletzos, the CEO and founder of Luxtripper, expressed her sorrow, stating, “We are devastated to be announcing this news today. The team have worked tirelessly to find a sustainable solution for our business, but it is with heavy hearts that we have had to choose this option as the only path forward. We are committed to managing this process transparently and responsibly, ensuring that our stakeholders' interests are safeguarded, and our incredible team is supported to the best of our ability. We are eternally grateful for the support of our employees, customers and partners throughout our journey.”
The travel industry is one that is particularly susceptible to external factors such as economic downturns, geopolitical events, and health crises. For instance, the COVID-19 pandemic had a profound impact on the sector, leading to reduced travel demand, stringent regulations, and financial challenges for many businesses. Such events can trigger an increase in M&A activities as companies seek to consolidate, acquire strategic assets, or find rescue options in challenging times.
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