# Holidays 4 UK Limited (02909570)

> Why UK company 02909570 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02909570

- **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- Funding withdrawn / unable to refinance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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02909570/filing-history/MzA0NDc3Nzg1OGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02909570

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.