Hello! You are viewing your 1 free guest article this week


Please log in or join now for free, immediate and unlimited access to our award-winning online content. Find out more...

Join us
Already a member? Log in here

Travel industry news

19 Nov 2018

BY James Chapple

Share
TRFBLI

Omega Travel collapse 'cost creditors at least £20m' say liquidators

An urgent investigation into the collapse of Omega Travel is under way with creditors understood to be owed more than £20 million.

Omega Travel.jpg
Sharelines

Omega Travel collapse 'cost creditors at least £20m' say liquidators

Paul Stanley and Dean Watson of Begbies Traynor have been appointed joint liquidators after the company was recently served a winding up order.


Omega’s accounts recorded turnover just shy of £300 million last year.


The company’s Atol was suspended on September 3 after it defaulted on its Iata billing and settlement plan (BSP).


The CAA has confirmed the company opted not to renew its Atol ahead of the September renewal deadline.


It had been licensed to sell 4,069 Atol protected holidays this year.


Milton Keynes based Omega traded under Omega Travel, Omega Flight Store, Sagitta Travel Agency, Newtrip, Jade Travel, Far East Travel Centre and Chinese Travel Shop.


The business, which was founded in 1965 and specialised in travel to and from the Far East, had recently changed its name to Milburn Travel.


It had locations in London, Manchester, Edinburgh and Birmingham and largely sold flight-only bookings.


Stanley and Watson of Begbies Traynor were this week announced as joint compulsory liquidators.


They have launched an “urgent investigation” to recover “substantial amounts” owed to the company’s creditors, including airlines.


Stanley, regional managing partner at Begbies Traynor, said: "The official receiver appointed us as liquidators within 24 hours of the winding up order being issued. This demonstrates the urgency of action being taken and the magnitude of the numbers involved.


“We are already arranging interviews with staff and directors at the company as well as liaising with creditors. We are at an early stage in proceedings but we are making significant progress and have identified at least £20m owed to creditors.


“We will update interested parties as we advance our detailed investigations into the exact whereabouts of the company’s assets.”

Add New Comment
Please sign in to comment.
Show me more

Follow Us



Twitter
LinkedIn
Facebook
Instagram
YouTube
Soundcloud
TTG Media Limited.
Place of registration: England and Wales.
Company number 08723341.
Registered address: New Bridge Street House, 30-34 New Bridge Street, London EC4V 6BJ
Scroll To Top