Home
Distressed Businesses
  • All Distressed Businessess
  • Administrations
  • Liquidations
  • Winding Up
  • Insolvency Advice  New
Buy a Business
  • All Businesses for Sale
  • Find a Business for Sale
  • Raising Business Finance
  • Buyer Acquisition Service   New
  • Escrow Service   New
Sell a Business
  • Sell Your Business
  • List your Business
  • Seller Accounts
  • Need Help Selling?
  • Help With Finance New
  • Corporate Services  New
  • Business Valuation
  • Business Wanted Adverts
Insights & News
  • View All News
  • View All Insights
  • Exclusive Insights New
Lens
  • Search all UK Companies  New
Log in
Join Now

Home / News / Tour operator Tucan Travel falls into administration

Tour operator Tucan Travel falls into administration

Wed, 03 Feb 2021 | ADMINISTRATION



West London-based tour operator Tucan Travel, which has been in business for 33 years, has fallen into administration due to the “severe impact” of COVID-19. The company offered trips to worldwide destinations, but specialised in travel to South America.

Tucan had initially suspended holidays in March 2020, but had continued selling trips for 2021 onward. However, due to the continuing impact of COVID-19, which has led to an influx of customer cancelling bookings and demanding refunds, it has ceased trading with immediate effect.

In a statement, the company said: “The coronavirus pandemic has had a severe impact on many businesses in particular the travel industry.”

The statement went on to say: “There is unlikely to be any normal international leisure travel until 2022 and so with a heavy heart, the decision was taken in the best interests of everyone concerned to place the company into administration.”

As a result of the administration, all staff will be made redundant. Customers with existing bookings have been told they will be contacted with details regarding making a claim for any payments made.

In the statement, Chief Executive Matt Gannan highlighted the issue of providing refunds to customers as particularly damaging, with the business not generating money and payments already made to partners including airlines, local services and hotels.

Gannan said: “Many of these service contracts are non-refundable or non-transferable. In addition, many of the smaller overseas hotels and service providers that specialist tour operators support are in an even worse situation, they simply do not have the resources to repay what is owed to tour operators until they are able to reopen their business and earn money again.”

Given this dire situation in the travel industry, many more firms could be on the brink of collapse, especially once government financial support packages are withdrawn. According to travel industry body Abta, at least 20 travel companies with operations in the UK collapsed between March and October 2020.

Abta Chief Executive Mark Tanzer asserted that the government had failed to provide “basic tools” to boost consumer confidence in the travel industry and warned that many more firms could fail.

Among the travel businesses to collapse as a result of the pandemic have been established brands such as STA Travel, Cruise & Maritime Voyages, coach holiday group National Holidays and ski operators Ski Weekends and VIP Ski.

James Chapple, Deputy News Editor at travel industry publication TTG, commented: “It speaks of the severity of the circumstances facing the industry that the pandemic is claiming wholly viable businesses, ones that have been successful over a great many years, that have been left in limbo by the political torpor in Westminster.”


View the latest distressed UK businesses here.


Share this article



Latest Businesses for Sale

Provider of Yacht Refit and Surveying Services
UK Wide

Specialises in yacht refits and surveying, providing exceptional service and high levels of efficiency for international clients. Benefits from a wealth of industry-specific experience, with its expertise encompassing a variety of vessels, including...

Asking Price: Offers Invited
Turnover: £7,200,000

FREEHOLD


Marquee Hire and Event Planning Company
Ickenham, Cheshire, North West, UK

Offering high quality marquees with a wide range of sizes. This offers a huge amount of flexibility which allows the company to cater for whatever customers require, from a small marquee in the back garden, to a marquee village, or perhaps catering f...

Asking Price: £290,000
Turnover: £438,450

LEASEHOLD


Tour Operator & Travel Agency
London, UK

A highly successful tour operator and travel agency trading for over 40 years. Offers bespoke travel and tourism packages for the benefit of private, corporate and commercial clients. Specialises in travel to Latin America and the Middle East. A full...

Asking Price: Offers Invited
Turnover: £1,140,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
20
 
May
 

Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION

Bournemouth-based instant foods brand Mr Lee’s Pure Fo...

 
19
 
May
 

Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE

Legal services company Knights has acquired Portsmouth-headq...

 
18
 
May
 

Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS

Businesses in the UK look set to come under continuing press...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news


About Us

Business Sale Report is the UK's leading independent business for sale & distressed business listing service. Established in 1995, the report offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.

Our Services

Businesses for Sale
Distressed Companies
List a Business
Help with Finance
Buyer Acquisition Service
Small Businesses for Sale

Company

About Us
Insights
News
FAQs
Reviews
Terms & Conditions
Privacy Policy

Get In Touch

020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm


Sign up to our free newsletter



© 1995-2022. Business Sale Report Ltd. All rights reserved. www.business-sale.com.