Libra Holidays decision due today

Libra Holidays Group is expected to make a statement regarding the future of the UK-based Libra Holidays later today.

A spokeswoman said an official statement by Libra Holidays Group chief executive Andreas Drakou will be made to the Cyprus Stock Exchange concerning the operator which has been in a series of rescue talks.

However, it is thought any deal will see a drastic reduction in customer capacity, from around 160,000 this year to 50,000 next year while its Cyprus-based parent group would also sell off the majority of its stake in the operator.

In a statement made to the Cyprus Stock Exchange on Thursday last week Libra Holidays Group chief executive Andreas Drakou said: “After a number of years with unsatisfactory results of the Company’s Tour Operating subsidiary in the UK Libra Holidays, the company has for the last few months been trying to reduce its holding from this activity and concentrate on its hotel and property development companies.”

He added the group was holding “final negotiations” at the time.

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