Restructuring advisory firm ReSolve announced this afternoon that operator Luxtripper has entered administration.
It said it was unable to find a buyer for the specialist operator, which ceased trading as an ATOL-holder last Friday due to financial difficulties.
ReSolve partner Chris Farrington said: “Despite some of the highest interest we’ve seen from potential bidders, unfortunately the current investment climate meant that a rapid rescue of the business that secured the jobs of Luxtripper’s employees was not achievable.”
It said a sale was not possible due to the company’s ‘difficult’ cash position and the ‘very tight rescue timeframe’.
He said the company was now focused on ‘achieving the best possible result for creditors’, including finalising the asset sale and supporting its 60 employees through the redundancy process.
Mr Farrington said the sale will be concluded in the coming days.
Luxtripper founder and CEO Nena Chaletzos said the directors were ‘devastated’.
“The team have worked tirelessly to find a sustainable solution for our business, but it is with heavy hearts that we have had to choose this option as the only path forward,” she said.
“We are committed to managing this process transparently and responsibly, ensuring that our stakeholders’ interests are safeguarded, and our incredible team is supported to the best of our ability. We are eternally grateful for the support of our employees, customers and partners throughout our journey.”
The post Luxtripper collapses after failing to find a buyer appeared first on Travel Gossip.
Continue reading...
It said it was unable to find a buyer for the specialist operator, which ceased trading as an ATOL-holder last Friday due to financial difficulties.
ReSolve partner Chris Farrington said: “Despite some of the highest interest we’ve seen from potential bidders, unfortunately the current investment climate meant that a rapid rescue of the business that secured the jobs of Luxtripper’s employees was not achievable.”
It said a sale was not possible due to the company’s ‘difficult’ cash position and the ‘very tight rescue timeframe’.
He said the company was now focused on ‘achieving the best possible result for creditors’, including finalising the asset sale and supporting its 60 employees through the redundancy process.
Mr Farrington said the sale will be concluded in the coming days.
Luxtripper founder and CEO Nena Chaletzos said the directors were ‘devastated’.
“The team have worked tirelessly to find a sustainable solution for our business, but it is with heavy hearts that we have had to choose this option as the only path forward,” she said.
“We are committed to managing this process transparently and responsibly, ensuring that our stakeholders’ interests are safeguarded, and our incredible team is supported to the best of our ability. We are eternally grateful for the support of our employees, customers and partners throughout our journey.”
The post Luxtripper collapses after failing to find a buyer appeared first on Travel Gossip.
Continue reading...
