Thu, 04 Aug 2011 | ADMINISTRATION
Package holiday specialist, Holidays 4 UK Ltd, has entered administration leaving 12,000 travellers scrambling to get home and other tour operators and airlines trying to provide for their needs.
The company - which trades under the names Holidays 4 U and Aegean Flights - cited financial difficulties due to dwindling demand for its predicament. Administrators from PricewaterhouseCoopers were appointed to handle the process and to take care of urgent restructuring for the company.
The Brighton-based company specialises in package holidays and flights to Turkey and had an estimated annual turnover of £35 million.
Joint administrator, Ian Oakley-Smith, explained, "The company has suffered because of the difficulties faced by the travel industry during 2010 and 2011, as a result of the economic downturn."
"The director has determined that the business is no longer able to trade and placed the company into administration. The company will cease operating with immediate effect. Regrettably most staff have been made redundant."
The UK government is now working with the Civil Aviation Authority (CAA) to repatriate the 12,000 Holidays 4 UK customers as soon as they are due to come home. The customers have been told to arrive at the airports for their return flights as normal.
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