Thu, 19 Aug 2010 | ADMINISTRATION
Kiss Flights has fallen into administration suddenly and to make matters worse, it's at the peak of the holiday season.
Flight Options recently announced that its group of businesses, including Kiss Flights, had stopped trading.
It is believed that the travel plans of about 60,000 customers have been affected. Up to 13,000 people are thought to be stranded abroad.
It was reported that BDO were lined up to act as the administrators yesterday for the beleaguered travel operator.
The holiday firm is the latest in a string of related businesses to fold this year.
Budget flight firms, like Kiss Flights, that relied on low margins and emergency reserves have been hit hard by the economic downturn.
Mark Wilson of Baker Tilly commented on the apparent epidemic: “Government statistics published this month revealed a 12 per cent drop in people travelling overseas for their holidays in the twelve months to June 2010. At the same time, visits for overseas businesses fell by 19 per cent.”
London-based Flight Options bought Kiss in January 2009 from a company run by the former bosses of XL Leisure Group, which failed in September 2008.
It has been predicted that more travel firms will fail as they fight against the tide of troubles affecting the industry including the walkouts of British Airways cabin crew.
This well-established recruitment agency in the South East offers a unique opportunity to acquire a business with a robust turnover and a strong presence in the Home Counties.
Discover a promising investment opportunity with a reputable APAR registered training and apprenticeship provider located in Lancashire.
This multi-sector apprenticeship provider specialises in engineering and holds a 'Good' rating from Ofsted, with access to diverse and expanding funding streams.
05
|
Sep
|
Administrators exploring sale after collapse of Bodycare | ADMINISTRATION
Bodycare, a high street retailer of branded health and beaut...
05
|
Sep
|
Pets Choice acquires Kennelpak brands out of administration | BUSINESS SALE
Pet food manufacturer Pets Choice has acquired a number of p...
05
|
Sep
|
PE-backed legal services group completes investment in London firm | BUSINESS SALE
Legal services group BBS Law has completed an investment in ...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.