Cruise & Maritime Voyages has ceased trading with immediate effect and its international sales offices in Australia, France, the United States and TransOcean Kreuzfahrten in Germany have also ceased trading.
Administrators Duff & Phelps confirmed the news, stating they had been appointed joint administrators of Cruise & Maritime Voyages Ltd (CMV) and sister companies South Quay Travel & Leisure Ltd, Independent Coach Travel (Wholesaling) Ltd and Viceroy Ltd
The Essex-based cruise line had entered into “eleventh-hour” discussions with investor VGO Capital Management, after announcing in June it was looking for “additional financing to improve its liquidity position”.
However in a statement on Monday evening (20 July), the administrators announced CMV had "ceased trading with immediate effect and its international sales offices in Australia, France, the United States and TransOcean Kreuzfahrten in Germany have also ceased trading."
It added: "Administration is likely to result in the redundancy of the UK employees and an uncertain future for those employees in the wider group."
As cruise operations are currently suspended there are no passengers onboard any CMV ships.
Paul Williams, joint administrator, Duff & Phelps, stated: “The travel, tourism and wider hospitality industry has been engulfed with a devastating and unprecedented global pandemic of seismic proportions impacting very hard on CMV’s once thriving cruise business compounded by last week’s Foreign and Commonwealth Office (FCO) advisory against cruise travel.”