Wednesday, August 3, 2011

Holiday 4 U collapse leaves 13,000 Britons stranded abroad

Approximately 13,000 holiday-makers from the UK are stuck in other countries as Holiday 4 U, a travel company, collapsed after being hit by the economic slump.
The aviation authority in the UK estimates around 13,000 travelers from the UK who are stranded elsewhere can still complete their itineraries and go back home to the UK via ATOL protection. The Civil Aviation Authority is set to arrange repatriation for the consumers according to their scheduled return. All flights and other holiday bookings with Holiday 4 U are canceled.
The travel company specializing in Turkey holiday packages and chartered flights has around eighteen employees with cash flow annually of around £35 million.
According to an ATOL spokesperson, the crash of Holiday 4 U had its worst timing during the peak of summer travel. Those who booked holidays covered by ATOL with the travel company though may process a refund via CAA while those who are already in transit or have started their holidays may complete their holidays.
Holiday 4 UK has assigned PricewaterhouseCoopers as its administrator. The company explains that they suffered significant losses due to the difficulties faced by the industry in the last year and a half because of the economic slump. The company will immediately stop its operation as it has been placed into administration and its employees declared redundant.