Mon, 06 Jul 2020 | ADMINISTRATION
Didsbury-based aviation claims specialist Flight Reclaim has entered administration, after the coronavirus pandemic’s impact on international travel caused a decrease in new claims. The company assists customers who have experienced delayed or cancelled flights, been rerouted, missed a connecting flight or been denied boarding.
Glyn Mummery and Julie Humphrey of advisory firm FRP have been appointed as joint administrators. They are in the process of taking 10 employees off furlough in order to deal with Flight Reclaim’s more than 4,500 live customer claims submitted prior to the pandemic. Three staff members have been made redundant.
Once the remaining claims have been settled, Mummery and Humphrey will assess options for Flight Reclaim, with the assistance of Ben Woolrych, a restructuring advisory partner at FRP’s Manchester office.
Commenting on the administration, Mummery said: "The issues facing the travel sector and its supply chain are widely known and as a result of no international travel, Flight Reclaim has experienced such a drop in claims that its business model is no longer sustainable.”
"Our priority isâ¯nowâ¯to support those customers that have open claims and I'd like to thank the firm’s employees for their continued support throughout this process."
The company’s last available accounts were filed to the year ending September 30 2018. At the time, Flight Reclaim had fixed assets valued at £128,519 and current assets of around £1.67 million, up from £980,870 the year prior. The company’s creditors amounted to £1.8 million.
Find businesses for sale here.
If you are looking for an exit, we can help!
The company is an innovative leadership development business that focuses on enhancing the performance and engagement of CEOs and senior managers, along with that of the wider company culture. Operating across multiple sectors, the company designs...
LEASEHOLD
The company’s offering comprises intelligent, realistic consultancy services in line with each client’s specific requirements and budget. This is backed up by engineers with a strong working knowledge of each business’s infrastructure, thus enabling...
LEASEHOLD
An outsourced employment law and HR specialist offering a comprehensive range of services for clients throughout the UK.
LEASEHOLD
03
|
Feb
|
Social media marketing firm acquired at up to 41.6x operating profit | BUSINESS SALE
Manchester-based social media and influencer marketing agenc...
03
|
Feb
|
Pub group planning to sell 1,000 sites as pressures on hospitality mount | COMMERCIAL PROPERTY
Stonegate Group, the UK’s largest pub company, is repo...
02
|
Feb
|
Babble hits 12 acquisitions in a year with double takeover | BUSINESS SALE
London-based cloud technology firm Babble has continued its ...
Sign up to receive our acquisition alert emails to get your FREE guide
07
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
10
|
Sep
|
Cleveland Bridge property and assets to head to auction as search for a buyer fails | ADMINISTRATION
Administrators for structural engineering firm Cleveland Bri...
08
|
Sep
|
Assets for sale as Scottish wind turbine firm enters administration | ADMINISTRATION
Scottish wind turbine manufacturer CS Wind (UK) has fallen i...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources