Clear
0 Selected+
Filters
Air
Luxury
Regulation
Operators
Agencies
City and finance
Destinations
Skills
Cruise
Technology

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

News

24 Sep 2015
Share
TRFBLI

Youtravel on track for profit and growth

YouTravel.com is on target for a return to profit after another restructure, the boss of parent company FTI Group has told TTG.

 

Youtravel

 

From November 1 last year, bookings made with the company have been processed by sister company Meeting Point Youtravel LLC, which is based in Dubai. London-based Youtravel.com Ltd now provides “various back office services to its sister companies within the group”.

 

Accounts recently released at Companies House for the year to October 31, 2014 reveal another loss for the now former bed bank.

 

Total transaction value rose from £77.8m to £124.2m, but turnover dropped by 83% to £862,000. Pre-tax losses fell slightly to £1m. The company’s auditor Baker Tilly flagged the accounts with an emphasis of matter. It highlighted the net liabilities of £9.7m and said there was the “existence of material uncertainty”.

 

However, FTI chief executive Dietmar Gunz told TTG: “We’re not going to lose money now and in the future... That’s what they [the auditors] have to write but obviously there’s a corporate guarantee of the group,” he insisted. FTI acquired 85% of Youtravel back in 2012 following a difficult period, which saw problems with supplier payments.

 

Since then FTI has taken full control. Gunz said the move to Dubai would help FTI expand its bed bank business internationally, as well as saving certain costs. “Youtravel in its old form, the way it was about a year ago, was focused on the UK market only,” he said. Gunz added that as well as the UK support office, there would be some expansion across Europe.

 

“There are going to be a number of Youtravel offices around the world. The next one is going to be in Italy [and] there’s going to be one in France,” he said. Youtravel was founded in 2006 by Ioannis John Kent, who is also chairman of the hotel group Aquis Hotels & Resorts. His remaining 15% stake in the company was bought by FTI last year.

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