Holidays 4 UK Limited (02909570): administration
- Status
- Administration ended
- Administration began
- 2011-08-03
- Administrators' firm
- PwC
- Formerly
- Accommodation Only (Overseas) Limited; Cashlarge Limited
- Incorporated
- 1994-03-17
- Location
- London
- Industry
- 6330
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
In spring 2011 the Company began to encounter a marked downturn in trading and was unable to meet the CAA’s pre-requisite financial criteria at the trme of the Company’s ATOL renewal. As a result, on 31 March 2011 the Company was required to provide insurance bonds and / or cash in charged accounts as a precondition of the Company’s operating licence being renewed by the CAA.
The Company provided a bond of £542,000 and placed £2.8 million into a bank account charged to the Air Travel Trust (“ATT”), a trust administered by the CAA to meet certain costs of repatriation and refunds to customers in the event of an ATOL holder’s failure £1 3 million of the funds placed into the charged account were provided by the Company’s airline seat provider, Onur Air.
The provision of the bond and charged funds meant that some £2 million that would otherwise have been utilised by the Company for trading purposes was no longer available. The resultant adverse impact on cash-flow combined with the Company’s existing commitments to purchase fixed quantities of airline seats and hotel beds 1n a worsening market resulted in a further deterioration of the Company’s financial position.
Administrators' statement of proposals (2011-10-03) · Companies House register