Tucan Limited (03370298): administration
- Status
- Administration ended
- Administration began
- 2021-02-12
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1997-05-14
- Location
- Birmingham
- Industry
- 79110 Travel agency activities
Why it went into administration
- COVID-19
From the administrators' statement
The Company was incorporated in 1997 and was an established travel agency business offering adventurous group tours to worldwide destinations. It traded from leasehold premises in Acton, London and had a strong online presence.
The business has historically traded profitably and had a loyal customer base but the closure of international borders caused by the COVID-19 pandemic from March 2020 onwards had a devastating impact on the business and the decision had to be taken by the director at that time to suspend tour operations. The Company co-ordinated airlines, hotels and local services for customers and it was required to pay in advance to secure many of these services, the majority of which are non-refundable or non-transferable. Additionally, many of these operators are suffering financially themselves as a result of the pandemic and do not have the means to refund the prepayments in any event.
With ongoing uncertainty around international travel and increased requests for refunds from customers, the Company was not in a position to be able to refund all customers and was facing the prospect of being unable to meet annual solvency reporting requirements required under the ABTOT/ATOL scheme.
Administrators' statement of proposals (2021-04-13) · Companies House register