Flight provider Aviate is owed £523,000, but cruise lines make up the bulk of big unsecured creditors owed cash, with Princess Cruises taking a £427,000 hit.
Carnival Corporation stable mates Holland America Line and Cunard are also owed £235,000 and £132,000 respectively. Carnival’s brands stopped dealing with Jetline in March, citing a breach of contract.
Jetline staff are the only preferential creditors, with claims amounting to £37,000.
Joint administrators Leonard Curis and Carter Clark said: “At present, it is considered unlikely there will be sufficient funds to enable any form of distribution to unsecured creditors." However, they have urged claimants to submit their details in any case.
Jetline owes Barclays £1.2 million, including a £383,000 Covid loan and £313,000 on company credit cards.
There is also a £344,000 mortgage on its premises, which is now up for sale and valued at around £1.6 million. The administrators said there would be sufficient funds to repay Barclays.
The report also reveals that in April, direct-sell brand Travelodeal paid £72,000 for Jetline Travel’s customer and marketing databases, as well as other assets.
North London-based Jetline began trading in 2001 as an OTA. It operated in the UK under online brands Jetline Holidays and Jetline Cruises, and under Jetline Vacations in the US market. Jetline Holidays had a customer base of 529,000, the cruise brand 247,000 and the US arm 68,000.
The creditors’ report outlined the reasons for the brands’ collapse. Administrators said Jetline’s turnover rebounded to £21 million after the pandemic, but dropped in 2023, leading to reduced marketing spend, which “led to a further decline in the company’s revenue and increased issues with its cash flow”.
This in turn led to increased pressure from suppliers, “who had informed the company they would no longer be honouring upcoming trips booked by customers”. Administrators were appointed in March.
Figures show Jetline made £1.1 million profit in 2022 on turnover of £21.3 million. The following year it made £569,000 on £16 million turnover. This became a loss of £253,000 in the 12 months to 31 January 2025, despite turnover dipping by only £900,000.
Jetline ceased trading as an Atol holder in March. It held a licence to carry 4,790 Atol-protected passengers in the year to the end of September 2025.
