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.
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LEASEHOLD
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