Wed, 14 Apr 2021 | ADMINISTRATION
Administrators have been called in following the collapse of London-based flight consolidator Emerald Global and are working to realise the sale of several of the business' assets.
The global travel specialist, which also traded as People's Travel, has announced that Neil Gostelow and Steve Absolom of KPMG have bee appointed as administrators after the business folded.
Emerald Global was founded in 1980 and was a family-owned business that specialised in providing tailormade independent travel opportunities and group holidays around the world.
The company sold flights on behalf of 75 airlines and ran a direct-to-consumer business based around a flagship store in Baker Street. In addition, it ran a travel management platform, which provided business travel to corporates under the brand Emerald TMC.
The firm is also a major shareholder in Malaysian subsidiary Emerald Global Services. Ahead of the company's collapse, joint administrators completed the sale of Emerald Global's flight consolidation business and shares in the Malaysian side of the business to AERTiCKET Emerald UK, part of one of the largest independent airline ticket wholesalers on the continent.
Commenting on the announcement, Gostelow stated that the firm's struggles have been a direct result of the impact of the COVID-19 pandemic on the international travel sector.
"The continued uncertainty in the sector’s recovery has ultimately led to administration for this long-standing family-owned business, which prior to the pandemic had a loyal and fast-growing customer base," he said.
Absolom added that KPMG's immediate priority is to assist employees while beginning the search for interested buyers. "We are also seeking to realise the assets of the direct-to-consumer and corporate travel management businesses and encourage any interested parties to contact us at the earliest opportunity," he said.
Read more about the impact of COVID-19 on the travel industry.
View the latest distressed UK businesses here.
See also:London businesses for sale
Here's a unique opportunity to acquire a recognised fitness brand with ten prime locations in central and west London, offering an enticing variety of wellness and exercise classes tailored to a diverse clientele.
LEASEHOLD
An established lettings agency located on the South Coast in Lincoln presents a unique opportunity for acquisition.
LEASEHOLD
Opportunity to acquire a prominent hotel located in the heart of Pickering town centre, offering a distinctive investment or business venture.
LEASEHOLD
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.