Tailor Made Travel (UK) Limited (06939771): administration
- Status
- Administration ended
- Administration began
- 2020-09-03
- Administrators' firm
- Deloitte
- Formerly
- Tailor Made Travel (Cardiff) Limited
- Incorporated
- 2009-06-22
- Location
- Birmingham
- Industry
- 79110 Travel agency activities
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company began experiencing a dramatic decline in trading performance during the last six months as a direct result of COVID-19. Very few sales were made during this period, despite which the Company was required to continue its business operations in order to service the cancellation of holidays and deal with customer refunds/queries. As a result the Company was unable to take full advantage of any Government support via the Job Retention Scheme as staff were required to work.
Consequently significant holding costs were being incurred with little or no income. At the end of August 2020 the directors couldn't see any improvement in the short term and approached Deloitte to advise on placing the Company into Administration.
Following an initial review it was concluded that there were insufficient funds to enable a period of trading in an administration and a decision was taken to close all branches, retaining a skeleton staff to assist the administrators with the wind down of the business.
Administrators' statement of proposals (2020-12-09) · Companies House register