From the administrators' statement

In late 2011, the Group approached the Bank to increase the overdraft and long term loan faciities The Group was exploring options to raise funds for the following reasons

« In December 2006, the Group embarked on a five year strategic partnership with First Choice (who became part of TUI in 2007) for the operation of the Group's travel agencies (BTL Retail division) This agreement came to an end in December 2011 crystallising a liability payable by the Group to TUI The latest information available from TUI indicates that this liability is £4 7m

• When the agreement ceased with TUI, the Group also lost the working capital benefit of the agreement (1e holding customer receipts in advance of supplier payments being made)

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L.F.Bowen Limited (00602305)

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