BusinessBusiness RecoveryUsit race narrowed to three bidders

Usit race narrowed to three bidders

Administrative receivers at Begbies Traynor have narrowed down the number of bidders for youth travel specialist Usit from 15 to three unnamed frontrunners.

The company’s creditors include financial institutions, other global groups, airlines, employees, and trade creditors.

Although the business has not been sold yet, negotiations continue and receiver Vivian Bairstow is confident there will be some news about buyers in the ‘next few days’.

The company went into receivership on 28 January, with the slowdown in world travel after 11 September aggravated its debt. Usit had been trading in the red for about two years prior to this.

Previously, Bairstow denied allegations of financial mismanagement had to do with Usit’s Irish sister company, and he said no passengers been left stranded.

As the case has now gone to court, the receiver was unable to comment.

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