The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
North East; Northumberland and Tyne and Wear; Tyneside
Location of affected unit(s)
Gosforth
Sector
Administrative Services Travel Agency, Tour Operator And Other Reservation Service And Related Activities Travel Agency, Tour Operator And Other Reservation Service And Related Activities 79 - Travel agency, tour operator and other reservation service and related activities
109 jobs Number of planned job losses
Announcement Date
17 April 2009
Employment effect (start)
17 April 2009
Foreseen end date
17 April 2009
Description
Travel Agent Freedomdirect ceased trading on 17th April after its auditors were unable to satisfactorily complete the companies accounts on time. This resulted in the withdrawal of its licence to trade in the industry, which caused the company cash flow problems. Accountants RMT identified inconsistencies in the management of finances, though there was no implication of impropriety. The company had been trading for 12 years and had a cash flow of 70 million pounds.
Eurofound (2009), Freedomdirect, Bankruptcy in United Kingdom, factsheet number 68713, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68713.
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