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 is a unique opportunity to acquire two well-established B2B companies operating across multiple sectors throughout the UK, boasting strong client relationships and secure contracted revenues poised for further expansion.
LEASEHOLD
This is a unique opportunity to acquire a prominent company in a specialist sector with a high barrier to entry, offering integration potential and a cash-generative model with repeat revenue.
This business presents an enticing opportunity with established relationships with blue-chip organisations globally, a strong client retention rate, and the potential for relocation.
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.