110,000 holiday bookings at risk as low cost travel firm goes into administration

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A cut-price travel firm has gone into administration - putting more than 100,000 holiday bookings with the firm at risk.

The Lowcosttravelgroup today announced it has ceased trading, meaning holidaymakers across the country could face difficulties going on their holidays.

The firm said attempts to rescue its future had been ‘hampered by the recent and ongoing turbulent financial environment’, suggesting the company has become the first casualty of the UK’s Brexit market slump.

This statement was released on its website: “We deeply regret to announce that the lowcosttravelgroup (“LCTG”) ceased to trade on 15 July 2016, following exhaustive attempts by the group’s directors to rescue the group, which has been hampered by the recent and ongoing turbulent financial environment.

“This notice applies to the following companies and brands:

1.Lowcosttravelgroup Ltd

2.lowcostholidays Spain S.L.

3.Hoteling.com part of Lowcostholidays Spain S.L.

4.Lowcostbeds.com A.G.”

The firm’s website suggests that some tickets will still be valid, but some hotel suppliers, transfer suppliers and car parking suppliers ‘may ask you to pay them locally’ which holidaymakers are being asked to ‘pay and reclaim against’.

It also says ‘It would be advisable for you to keep all receipts of expenses incurred in order to claim a refund or compensation.’

Those who have booked a hotel will have their reservations cancelled and must re-book.



Read more: http://www.thestar.co.uk/news/110-000-holiday-bookings-at-risk-as-low-cost-travel-firm-goes-bust-1-8017531#ixzz4EkRprgKg