Luxury online tour operator Luxtripper was placed in administration on Friday and its 60 employees made redundant after failing to find a buyer or to secure funding.
Business restructuring and advisory firm ReSolve announced that partners Chris Farrington and Simon Jagger have been appointed joint administrators of the company and will pursue an asset sale.
Luxtripper appointed ReSolve on October 19 after announcing a suspension of trading as it attempted to secure “an accelerated merger and acquisition”. The Civil Aviation Authority confirmed the Atol-holding company had failed the following day (October 20).
In a statement, ReSolve said: “Due to the company’s difficult cash position and the very tight rescue timeframe, the best outcome achievable in the circumstances has been an asset sale. The sale will be concluding in the coming days.
“Regrettably, this means the company is unable to continue to trade and Luxtripper’s 60 UK employees have been made redundant.
“ReSolve will be providing support to those employees as a matter of priority, including providing information on how to make redundancy payment claims.”
It noted: “Despite significant growth and a rapidly growing customer base, the company experienced difficult trading conditions in recent months creating insurmountable financial difficulties.”
The company had almost 200 customers overseas and more than 2,000 customers with forward bookings when it ceased trading.
Joint administrator Farrington said: “Despite some of the highest interest we’ve seen from potential bidders, the current investment climate meant that a rapid rescue of the business that secured the jobs of Luxtripper’s employees was not achievable.
“ReSolve will now be focused on achieving the best possible results for creditors, including finalising the asset sale, and supporting employees through the redundancy process.”
Luxtripper chief executive Nena Chaletzos said: “We’re devastated to be announcing this news. The team have worked tirelessly to find a sustainable solution for our business. It is with heavy hearts that we’ve had to choose this option as the only path forward.
“We are committed to managing this process transparently and responsibly, ensuring our stakeholders’ interests are safeguarded and our incredible team is supported to the best of our ability.
“We are eternally grateful for the support of our employees, customers and partners throughout our journey.”