Travel agency and tour operator insolvencies have increased dramatically over the past year, according to new data from audit and tax firm Mazars.
Travel agencies hope their peaks business will ramp up on 11 and 12 January (Credit: iStock)
Mazars found insolvencies jumped 17% from 59 to 69 over the past year, and from one to nine in July alone, CityAM reports, suggesting the end of furlough is likely to have put additional pressure on the sector.
Partner Rebecca Dacre told the publication the figures suggest the Covid crisis is "far from over" for the travel sector.
"Despite an increase in demand, many travel agencies face a shortage of cash with which to operate and a shortage of options for credit," she said.
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