An investor has stepped in with a £4 million rescue package for leading cruise retailer Cruise Control.
The firm, which had been in crisis talks this week with ABTA, is said to be between £8 million and £10 million in debt despite having £50 million in forward bookings and 16% of the UK cruise market.
However, most of the main cruiselines including P&O, Royal Caribbean, Thomson Cruises and Norwegian Cruise Line have barred Cruise Control from selling their products after payment delays.
A statement released by the company today (Friday) said: “Cruise Control (UK) Ltd has today entered into an agreement in principle with an institutional investor relating to the provision of a facility of £4 million to the company. It is expected that the investment will be completed week commencing Monday October 10 2005.”