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In an announcement which could affect more than 4,000 holidaymakers, Truly Holdings - owner of Teletext Holidays and Alpharooms - has entered into administration.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
It comes after the Travel Trust Association (TTA) revoked the memberships of Teletext and Alpharooms on the back of financial concerns. The two organisations have subsequently entered liquidation.
Truly Holdings entered into a creditors’ voluntary liquidation on 1 December, with Robert Cundy and Bijal Shah of Edge Recovery and Insolvency Practitioners being appointed to manage the company’s closure.
This came a couple of months after the Competition and Markets Authority (CMA) launched a court action against Teletext Holidays over inadequate progress on refunds to package holiday customers. In its statement, the watchdog said it did not consider that Truly Holdings had done enough to provide refunds to package holiday customers with outstanding claims.
The CMA says the firm has paid more than £7m owed to package holiday customers, but claims more customers are still waiting for their money back. A spokesperson from Teletext Holidays separately told The Mirror the amount refunded stands at £10.8m and said it owes £1.2m towards historic and ongoing cancellations.
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