Partner Vivian Bairstow was appointed receiver Tuesday after the company ceased trading. Usit was the second-largest player in the student travel market for 18-26 year olds and had an annual turnover of £80m.
September 11 was the last straw for the company, which had been making losses for about two years. It also suffered indirectly from lack of international investment.
Bairstow told AccountancyAge.com that the financial mismanagement allegations had to with Usit’s sister company in Ireland, and was thus unable to comment. He added the case had gone to court in Ireland.
While denying allegations that 2,000 youths would be left stranded by the receivership, he said 5,000 people could be affected by Usit’s cessation of trade. ‘If anyone is affected they should talk to the civil aviation authorities,’ he said.
‘I am now in talks to see if the company can be sold as a going concern,’ Bairstow added.
‘There is a good business here capable of revival. It has ready-made locations, excellent staff, a good customer base, and a network of contacts worldwide.’
‘We believe the right purchaser would find the company an enticing prospect.’