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'Huge loss bad news for everyone'

Bowen added a weekly regime risked “destroying” reputable agents’ cash flow. “It’s very time consuming,” he said. “Doing all the checks and direct debits weekly would just make businesses less profitable.


“Around 95% of agents pay their BSP fortnightly. A huge loss like this [Omega] is bad news for everyone. It reignites airlines’ concerns about giving credit.”


Omega was founded in 1965 specialising in travel to and from the Far East. Shortly after defaulting on its BSP, it changed the name of its business to Milburn Travel Ltd and parked the Omega name with another business.

 

It has previously traded as Omega Travel, Omega Flight Store, Sagitta Travel Agency, Newtrip, Jade Travel, Far East Travel Centre and Chinese Travel Shop.


Joint liquidators Paul Stanley and Dean Watson of Begbies Traynor have launched an urgent investigation. “We are arranging interviews with staff and directors at the company, as well as liaising with creditors,” said Stanley.

 

“We are at an early stage in proceedings but we are making significant progress and have identified at least £20m owed to creditors.”


TTG was unable to reach Omega’s Chinese-based owners for comment. Iata did not respond to TTG’s request for comment.

  • Omega Travel is not connected to or affiliated with Omega Breaks, Omega Business Travel, Omega Travel Hale or Omega Travel World.

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