Accommodation provider Youtravel has cancelled all remaining bookings for the summer season as talks on a hoped-for takeover continue.
Youtravel had previously cancelled bookings up to July 26 after German parent FTI Touristik went into administration on June 3 and had insisted bookings from July 27 “remain active and subject to cancellation charges”.
However, the company confirmed the cancellation of all bookings up to and including October 31 today, saying it remains in “advanced talks to secure our future”.
FTI’s administrator in Germany, Axel Bierbach, initially issued a rolling series of cancellations as he sought to sell the group or its subsidiaries, before cancelling all bookings from July 6.
Youtravel followed suit, at first cancelling bookings to June 14, then to July 5 and, on June 25, extending cancellations to July 26.
It has now drawn a line on the summer season in the hope of resuming trading in the autumn.
A source with knowledge of the talks explained: “It’s taking longer than expected due to the complexity of the group and trying to structure a deal that works for everyone.”
In a statement, Youtravel said: “Despite our best efforts over the past seven weeks, the complexity of our group means that it has become more difficult than initially expected to structure a takeover.
“We still find ourselves locked in advanced talks to secure our future and hope to be able to give some clarity on the position in the upcoming weeks.
“In light of this, we have made the difficult decision to extend our cancellation policy once again to the 31st October 2024 (inclusive). This extension aims to provide our partners with additional time to arrange rebookings and alternative solutions for clients.”
Bookings from November 1 onwards “remain active” and subject to cancellation charges.
The company noted: “Our teams are fully operational, and our dedicated task force is ready to assist our partners during this challenging period.”
It added: “We would like to express our heartfelt gratitude to all our partners for their unwavering support and constant check-ins during these challenging times.
“We understand the inconvenience and sincerely apologise for any disruption caused to your business and clients.”