Talks to sell parts of failed Preston Travel were held with several companies in a last-ditch bid to save the company from insolvency.
The Barnet-based company, which specialised in holidays to the Channel Islands, Isle of Wight, Isle of Man, Egypt, Israel and Cyprus, ceased trading today.
Abta confirmed there was “genuine” interest from a “few parties” in acquiring parts of the business, parent company of brands including Longwood Holidays, Preston Holidays, Amathus Holidays and Peltours.
The company also traded as Med Beach Holidays, Egypt Travel Service, Guernsey Travel Service, Isle of Man Travel Service, Isle of Wight Travel Service, Isles of Scilly Travel Service, Jersey Travel Service, and Value Breaks.
Negotiations were being held up until the last-minute to save the business. Insolvency practioners Grant Thornton has been advising the company, and Abta and the Civil Aviation Authority were involved in talks to help save the company.
John de Vial, Abta’s head of financial protection, said: “What Abta tries to do in these cases is work with both sides. If potential acquirers want to know what the bonding requirements would be, for example, we often find ourselves working with potential acquirers and talking to one or some of the interested parties.
“It was a similar situation here, where we were aware there was genuine interest. But in this particular case none of this came to fruition.”
Travel Weekly understands the company had been touted for sale for some time and that it had looked at a variety of options, including a management buy-out, in an attempt to continue trading.
All 30 staff, who were told to go home yesterday and return today, have been told about the insolvency.