UK’s Online Travel Group ‘ran out of options’
October 01, 2008 | Online Travel
Specialist retailer Online Travel Group Ltd has released a statement after it became the latest travel company to fall victim to the impact of the credit crunch when it was placed in administration on September 25.
In a statement, appointed administrator Neil Bennett of Leonard Curtis, said: “It is apparent from our brief investigation that the company had run out of options.
“We understand that credit terms had been drastically shortened by key trading partners and this, combined with the credit crunch and general economic downturn, led to a dramatic cutback in consumer spending on all but the essentials.”
UK’s Online Travel Group, launched in 1999, operated a number of travel websites providing travel insurance, and bookings for ferry crossings, airport parking, hotels and holidays.
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