“No-one expected” holiday operator Kiss Flights to fall into administration
at the height of the holiday season, said PwC partner Ian Oakley-Smith.
Holiday operator Flight Options, which also trades under the name Kiss
Flights, announced on Tuesday it had ceased trading affecting about 70,000
Oakley-Smith said to see a flight business run out of money during the height
of the holiday season was unexpected.
Budget holiday operators such as Goldtrail, Sun4U and Kiss Flights, work off
low margins and emergency reserves which have been eroded by the downturn, he
His comments were echoed by Baker Tilly restructuring and recovery partner
“Government statistics published this month revealed a 12% drop in people
travelling overseas for their holidays in the twelve months to June 2010. At the
same time, visits for overseas businesses fell by 19%,” said Wilson.
The travel industry has seen double digit administrations this year, he said.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies