Travel’s Cyberes hangover

FAILED flight consolidator Cyberes could owe the travel industry up to £4.25 million.

The 150-strong creditors list, obtained by Travel Weekly, states the now defunct Harrogate-based consolidator owes around £1.5 million to tour operators, airlines, cruise and ferry operators and car hire companies – including £700,000 to IATA’s Bank Settlement Plan.

However, IATA lawyer Trevor Sears, who is acting on behalf of up to 70 member airlines, disputes the figure and claims IATA is owed £3.5 million for air ticket sales between May 1 and June, when Cyberes was put into administration.

Accommodation-only and ticket specialist Seligo, owed £153,000, is one of the trade’s biggest losers. Other debts include £86,000 owed to Walt Disney Parks and Resorts, while P&O Cruises is owed almost £40,000, although it claims the figure is lower.

Other creditors include Airtours, Cosmos, Cresta Holidays, Holiday Autos, Thomson Holidays and Virgin Holidays. All will discover how much they will receive at a meeting with Cyberes’ administrators PricewaterhouseCoopers next Thursday.

Cyberes does have some assets following the sale of its technology system, which combined consolidated air fares and GDS availability, to Sabre. The amount will be revealed at the meeting.

Subsidiary company Corporate Travel International, bought by Cyberes in April, is back in business after being sold to London-based The Travel Company for £640,000.

Seligo chief executive Paul Stobbs said: “It leaves a sour taste in the mouth that CTi is trading again.”

Stobbs said Seligo may consider legal action if it does not recoup its losses. ABTA could also foot a chunk of Cyberes’ debt. CTi was an ABTA member and traded with operators under the body’s bonding scheme.

P&O Cruises Complete Cruise Solution head of sales Giles Hawke and new Harlequin Worldwide Travel managing director Philippa Harris said they would recoup losses through the ABTA scheme. Harlequin is owed £15,000.

An ABTA spokeswoman said it had received 892 claims from consumers, mostly related to theme park tickets. She refused to reveal the size of the claims.

The Civil Aviation Authority confirmed 338 holidaymakers were due to travel at the time of Cyberes’ collapse, and would be calling in its £301,000 bond to refund customers.