BusinessBusiness RecoveryXL grounded after funding dries up

XL grounded after funding dries up

Package holiday giant blames its collapse on failure to secure funding and volatile fuel prices

XL Leisure, the UK’s third largest package holiday provider has gone into
administration.

Alastair Beveridge, Nick Cropper, Simon Appell and Stuart Mackellar, of Kroll
are now in control of the ailing business.

XL blamed volatile fuel prices, the economic downturn, and the fact that they
were unable to obtain further funding for the collapse.

‘The joint administrators cannot continue trading the business and therefore
all flights operated by the companies have been immediately cancelled and the
aircraft grounded. Going forward, the joint administrators are unlikely to be
able to trade the business or operate the aircraft,’ the company said in a
statement today.

XL Airways UK Limited, Excel Aviation Limited, Explorer House Limited, Aspire
Holidays Limited, Freedom Flights Limited, Freedom Flights (Aviation) Limited,
The Really Great Holiday Company plc, Medlife Hotels Limited, Travel City
Flights Limited, Kosmar Villa Holidays plc are now all in administration, XL
added.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor