Begbies Traynor administrators have been appointed to collapsed travel
business Goldtrail, the specialist in Greek and Turkish budget holidays.
Mark Fry and Jamie Taylor take up the appointment and have ceased all flights
and trading immediately at the business.
The duo are also working with the Civil Aviation Authority (CAA) and the
government backed body Air Travel Organiser’s Licensing (ATOL), to help
customers abroad return home. According to the CAA 11 travel companies collapsed
Mark Wilson, partner in Baker Tilly’s restructuring and recovery department,
attributed Goldtrail’s demise to a lack of demand for Goldtrail’s products.
“Other providers in the more cost effective end of the market would do well
to heed by Goldtrail’s demise on how not to run a budget service, or face
suffering the same fate,” he said.
The collapse is another blow to ATOL, which protects people from losing money
when booking package holidays. The government backed organisation is already
£32m in debt
City analysts believe the latest travel company collapse will boost profits
for the last two large tour operators Thomas Cook and Tiu Travel.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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