By Samantha Mayling and Ian Taylor
Agents and tour operators with bookings through FTI-owned bed bank Youtravel remain in limbo about arrangements from July 26 following the insolvency of the parent group in Germany.
Munich-based FTI Touristik went into administration on June 3 following the collapse of a refinancing deal and most of the group’s subsidiaries in Germany, France, Austria and Switzerland have since followed into insolvency.
More: Youtravel extends cancellation of all bookings to July 26
Agents rebook clients as FTI collapse casts doubt on Youtravel future
However, administrator Axel Bierbach issued a rolling series of cancellations rather than cancelling bookings wholesale as he sought to secure sales of the group or its subsidiaries, so far unsuccessfully.
Bierbach initially cancelled FTI Touristik bookings only until June 10, then extended the cancellations to July 5 before cancelling all bookings from July 6.
Youtravel followed suit, initially cancelling bookings to June 14, then extending the cancellations to July 5 and, on June 25, further extending cancellations to July 26.
However, Youtravel bookings from July 27 “remain active and subject to cancellation charges”, according to the company’s most recent statement, which insists: “Our teams are fully operational.”
It notes: “Our management has been actively engaging with the administrator and undergoing the M&A process to secure our future. We are hopeful for a positive conclusion soon.”
Travel Weekly was awaiting an update from Youtravel as this issue went to press.
But the lack of clarity is a challenge for trade partners on the cusp of peak season, with Youtravel advising: “At the moment, bookings from July 26 are active and going ahead. Our teams are assisting with immediate arrivals until July 25. All other customer queries cannot be supported until further notice.”
It notes: “Our finances are suspended . . . Once our situation is clear, we will endeavour to reconfirm and re-protect all bookings. We understand if you choose to rebook with another provider, but please note any additional costs will be your responsibility.”
Abbie Heaton, group manager for Blue Bay Travel Personal Travel Consultants, which has bookings with Youtravel, said: “There is no issue as far as customers are concerned. [But] usually with a failure, all forward bookings are cancelled.”
She described the phased cancellations as “quite unusual” and said: “We’re in limbo. Bookings might be re-protected or taken over by another company – we don’t know.”