Wed, 29 Sep 2010 | ADMINISTRATION
One of the UK's oldest package holiday companies has entered administration after a frantic battle to save it failed.
The Travel Club of Upminster (TCU) appointed Shipleys as administrators, who said the company was "unable to continue trading as a result of an inability to meet guaranteed payments to key overseas accommodation suppliers".
The owners have been trying to find a buyer for the business - which was founded in 1936 and is credited with 'discovering' the Algarve as a holiday destination - for the last two weeks.
The company's owner, Tony Freudman, said, "The staff battled very hard this year in very difficult trading conditions, and until the very last minute we hoped we would reach an accommodation with our supplier. A search for a buyer goes on."
TCU was established by Harry and Rene Chandler, following a cycling tour of Switzerland. The family then started selling the first discernible package holidays to Portugal. It remained as a family-run business until two years ago, when Harry and Rene's son, Paul, sold it off. On the news of the administration, Paul said, "I'm sad that a pioneering company which provided holidays to hundreds of thousands of travellers is no longer able to compete in the increasingly consolidated industry."
It is thought that undercutting by the budget airline and holiday market proved too much for the company to compete with. Only a few dozen forward bookings are through to be in place and those clients are being told to contact their credit card companies regarding refunds.
For sale is a long-established tree surgery and arboricultural services business with an excellent reputation, serving both domestic and commercial sectors across Southern England, including the Home Counties and London.
An opportunity has arisen to acquire a mechanical engineering company specialising in the Water Industry. Benefitting from over 3 decades of trading, this business has built a solid and long standing client base comprised of prominent UK utility comp...
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.