KPMG has been appointed as administrators for Super Break and LateRooms parent Malvern Group.
The business went into administration on Thursday, saying it had “deteriorated rapidly” following news of Cox and Kings India’s loan default a month ago. Cox and Kings Ltd, a separate company to Cox & Kings Travel Ltd UK, owns 49% of Malvern Group.
Tracey Pye and David Costley-Wood from KPMG Restructuring were appointed as joint administrators Friday morning.
They said they are “working closely” with both Abta and the Civil Aviation Authority to minimise disruption to customers.
Both Abta and the CAA have issued advice to both agents and customers following the group’s collapse. Abta said Super Break has 400 customers on holiday overseas or in the UK, and 20,000 forward bookings affecting 53,000 customers.
More: Agents ‘work through the night’ to re-book clients following Malvern Group collapse
Malvern Group goes into administration
Tracey Pye said: “The directors of Malvern Group embarked upon an accelerated sales process to bring further investment into the business. However, with the cash position of the company deteriorating rapidly, this process was unfortunately unsuccessful, prompting the directors to take the difficult decision to appoint the administrators.
“Coming in the midst of the summer holidays, we understand this news will be of grave concern. Detailed information regarding how bookings will be affected can be found on the LateRooms.com and Super Break websites.
“We continue to invite offers for the business, and would urge any interested parties to make their interest known as soon as possible.”
The companies employed 253 employees across sites in Manchester and York. The majority of employees have been stood down, but 43 retained, while the joint administrators assess options for the business and seek buyers for the business and its assets.