A former boss of Libra Holidays is setting up a new Greece and Cyprus tour operation and aims to sell 75% of holidays through the trade.
Akis Kyprianou was managing director of Libra until its acquisition by Allbury Limited in 2007, at which point it had built up losses of about £39 million.
Kyprianou left in 2008 when Libra, which also specialised in Greece and Cyprus, had its name changed to the Allbury Travel Group. Allbury went into administration in December.
Kyprianou has applied for an ATOL and ABTA membership, and has written to agents informing them of his plans to launch Dream Holidays in March.
Meanwhile, seat-only operator Kiss Flights confirmed Dream Holidays had been granted an agency account.
Kyprianou said his start-up tour operation would restrict his committed stock to less than 40% of capacity to limit his risk.
He said: “The failed operators (Libra, Argo and Kosmar) stuck with the old model of heavily committed flights and seats for a number of years. Now is the time to look at it from a different angle.”
Kyprianou said the operator would fill a gap in the market.