Accountancy firm Elman Wall has been appointed as new independent trustees of Protected Trust Services’ air travel trust.

The PTS board took the decision to appoint independent trustees that could add extra value to a growing membership.

PTS claims to be “fast becoming” the safe haven and financial protection model and package travel regulation compliance support for many operators and agents.

The company said: “Covid-19 has, without doubt, been the most challenging time the UK travel industry has faced.

“Bookings have been dramatically impacted, businesses have been obliterated, many travel professionals are desperate.

“There is undoubtedly a seismic shift taking place in the UK travel industry – merchant acquirers are leaving the market, financial failure insurance is nigh on impossible to renew, bonding has dramatically increased.”

Managing director Daniel Landen said “The PTS trust has developed a fantastic reputation, has grown exponentially, and we are positive our new partnership with Elman Wall will only enhance our members’ business position.

“It was time for us to form a longstanding partnership with new independent trustees that were reflective of PTS’ ever growing size and our members requirements.

“Since the conception of PTS, back in 2007 we have had independent trustees.

“We feel that a true trust account should have independent trustees to offer complete peace of mind, and financial security to our members, their consumers and their partners.”

PTS commercial director Mark Sutton added: “PTS are welcoming more retail travel agents, independent travel agents, tour operators and experienced homeworkers than ever – this purely confirms that the trust model is becoming the model of choice for many.

“PTS offer a complete package including CRM system, merchant services, insurance, currency hedging, supplier agreements, and much more, to UK travel businesses and we work hard to keep pushing forward and enhancing PTS’ offering.”

Elman Wall managing director Jonathan Wall said: “We have been building a strong relationship with PTS for some time, and as the requirement for trust accounting in the travel industry is only going to strengthen, we are delighted to be appointed as their independent trustee.

“It is the right time for Elman Wall to provide professional services in this sector and we look forward to working closely with Daniel and his team at PTS.”