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

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor