Wed, 22 Jul 2020 | ADMINISTRATION
Cruise & Maritime Voyages (CMV) has gone into administration after failing to find funding following the massive impact of COVID-19 on the industry. The company has appointed Paul Williams, Phil Dakin and Edward Bines from Duff & Phelps as joint administrators. CMV has ceased trading with immediate effect.
Essex-based CMV, which operated out of Tilbury, was founded in 2010 and has six ships in its fleet, including Marco Polo, Magellan and Columbus. The company employs around 4,000 staff, no details have been released about possible redundancies.
In November last year, CMV announced that it would be adding two new ships to its fleet from 2021. P&O Australia’s Pacific Dawn and Pacific Aria were due to join the company’s fleet on March 2 and May 2 2021 respectively.
CMV specialised in cruise packages and was known for utilising lesser-known British ports that were often overlooked by other lines. CEO Christian Verhounig said that the company had sold close to 90 per cent of its 2020 capacity, before COVID-19 halted operations in March, as well as almost 50 per cent of 2021 UK capacity.
Last month, the company said that it was holding talks to “improve its liquidity position” following the impact of COVID-19, with concerns that the company was desperately in need of funding.
Verhounig said: “The directors have all worked tirelessly with CMV’s financial advisers, investment bankers, lawyers, and numerous private equity and hedge fund investors to try and secure the funding required to enable CMV to weather the storm.”
Verhounig pointed out that the company was celebrating a record trading year and ten years in business but: “Despite this positive forward booking position, we could just not get the financing deal over the line in time to save this wonderful business.”
The company’s cruise packages are protected under ABTA, with some flight-inclusive packages protected under ATOL. CVA traded under ABTA number V9945 and ATOL number 4619 as South Quay Travel & Leisure Limited.
The company’s most recent accounts were made up to the year ending December 31 2018. The company reported turnover of £122.8 million, and gross profits of £1.8 million. At the time, CVA’s fixed assets were valued at £5.9 million.
For more about the impact of COVID-19 on sectors including travel, check out our exclusive insight on Coronavirus, Business and M&A.
Find businesses for sale here.
If you are looking for an exit, we can help!
This is a fantastic opportunity to acquire an elegant Hair Salon in one of the most fashionable areas of London's West End. This business is well established, with a strong turnover and an experienced team of stylists. It utilises the Shortcuts softw...
LEASEHOLD
The day nursery is completely manager run, again with the help of full and part time staff. Children’s activity centre and café / Max capacity c. 300 children/adults. Children’s day nursery registered for 63 and Ofsted ‘Good’. Well presented faciliti...
LEASEHOLD
This is a very rare opportunity to acquire a very profitable and long-established gardening business operating in and around Herefordshire and the West Midlands (primarily in Gloucestershire, Worcestershire and Shropshire). Offers invited.
RELOCATABLE
|
14
|
|
Aug
|
Trafford Centre up for sale after Intu administration | COMMERCIAL PROPERTY
Manchester’s Trafford Centre shopping mall is up for s...
|
13
|
|
Aug
|
Administrators bring three former Shepherd Cox Group hotels to market | DIVISION SALE
Administrators have put three hotels in the North of England...
|
12
|
|
Aug
|
Baird Group to close stores as CVA is approved | BUSINESS NEWS
Retailer and wholesaler Baird Group, the license holder for ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
Jul
|
Construction contractor owed creditors £11m when it collapsed | BUSINESS NEWS
Lancashire-based contractor Construction Partnership UK owed...
|
19
|
|
Jun
|
Living Ventures places Blackhouse and Newgate into administration | ADMINISTRATION
Living Ventures has placed its Blackhouse and Newgate restau...
|
03
|
|
Jun
|
28 Oddbins stores saved after acquisition by unnamed buyer | BUSINESS SALE
28 Oddbins stores will remain open after the off-licence ret...
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