Cruise company sinks into administration
Eddie Williams, David Dunkley and Matthew Richards of Grant Thornton have beeen appointed as administrators of cruise company, All Leisure Holidays, which has stopped trading leaving holiday goers stranded and 150 people without jobs
4 Jan 2017
Due to the financial position of the business it has ceased trade immediately resulting in most employees being made redundant and the cancellation of all future holidays.
The cruise company had a turnover of £60m in the year end 30 October 2016 and provides holidays on two cruise ships, the Minerva and the Voyager under the brand names Swan Hellenic and Voyages of Discovery.
Grant Thornton will work alongside the Civil Aviation Authority (CAA) and Association of British Travel Agents (ABTA) to minimise the disruption to any workers and existing and future passengers’ bookings. All customers will receive refunds.
The administrators were previously appointed to of Travel Group Realisations Limited, Group Air Realisations Limited ("Air") and Group Surface Realisations Limited ("Surface") on 30 December 2016. Following the appointment, the trade, business and assets of Air and Surface were sold to a subsidiary of Canadian tour operator G Adventures Inc. preserving 200 jobs.
Eddie Williams said: 'Whilst I am extremely pleased to have concluded a sale of the business which safeguards the holidays and bookings for over 13,500 tours passengers and preserves 200 jobs, I am very disappointed that we have no alternative other than to close the remaining All Leisure Holidays operations.
'The cruise operations have been significantly loss making over a number of years and the ongoing cost of funding by the tours operations has created significant cash issues for the entire Group, which has ultimately led to the administration of all businesses.'