Lowcostholidays Limited (04371920): administration
- Status
- Administration ended
- Administration began
- 2016-07-15
- Administrators' firm
- Evelyn Partners
- Formerly
- Lowcosttravelgroup Limited; Lowcostbeds.Com Limited; Twinspan Limited
- Incorporated
- 2002-02-12
- Location
- London
- Industry
- 79110 Travel agency activities
Why it went into administration
- Property / lease costs
- Sustained trading losses
From the administrators' statement
It was clear by the end of 2014 that the Group required investment and needed to cut costs Various bank debt and overdraft options were explored but failed due to the low asset values the Group was able to offer as collateral and poor historic profitability
During 2015, the Group offices in the USA, Australia and LATAM were closed Operations were moved from these more expensive lacations to a new office in Krakow, Poland Over 100 Group staff were made redundant from other locations during this process
Hoteling com, a new hotel-onty brand, was launched tn the USA, in an attempt to reduce reliance on Googte and the UK market and allow focus on a single product which required significantly less operationat and back office support It was planned that the business would move away from city destination bookings towards a focus on high vatue family bookings
Administrators' statement of proposals (2016-11-02) · Companies House register