ao link
0 £0.00
This item was added to your basket
Powered by
Credit Strategy homepage

Crisis in travel sector claims latest casualty, as coach tour operator collapses

More than 2,400 jobs were lost and 64,000 bookings cancelled at The Specialist Leisure Group (SLG), owner of coach holiday operator Shearings, after EY were appointed as administrators.

Sam Woodward and Colin Dempster of EY were appointed last month to SLG, which also operates several other travel companies offering short breaks, events and river cruises throughout UK, Europe and worldwide for the over 50s. The group has ceased to trade with immediate effect.

 

All tours, cruises, holidays and hotel breaks booked with the group, across its 44 UK hotels and travel brands, have been cancelled and will not be rescheduled.

 

SLG’s insolvency follows news that Tui, Europe’s largest travel group, warned it may have to cut up to 8,000 jobs, under plans to tackle “unquestionably the greatest crisis the industry and Tui has ever faced”.

 

In the airline industry, (combined across all three firms), British Airways, Virgin Atlantic and Ryan Air are looking at up to 18,000 job cuts.

 

Mark Tanzer, chief executive of ABTA, the travel advice provider, said: “Two of the SLG companies, Shearings and Wallace Arnold, were members of ABTA and much-loved brands. It saddens me this has come to pass after many weeks warning the government that businesses were at risk.

 

“I fear that SLG will not be the last firm to fall, if the government fails to act. ABTA has repeatedly highlighted to the government the urgent need for a coordinated strategy with additional support.”

 

Headquartered in Wigan, SLG operates National Holidays (trading as Caledonian Travel), UK Breakaways, Coast & Country Hotels, Bay Hotels, Country Living Hotels, and Wallace Arnold Travel.

 

The directors had been looking for a buyer of all or parts of the business, and received interest, but no viable transaction structure could be agreed.

 

 

 

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

Corporate insolvencies up 63% in June 2021

Corporate insolvencies up 63% in June 2021

Hurricane Energy net free cash position "proves liquidity" 

Hurricane Energy net free cash position "proves liquidity" 

Greensill failure doesn’t demonstrate need for regulation, says Treasury Committee

Greensill failure doesn’t demonstrate need for regulation, says Treasury Committee

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group