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.
Hotel / Restaurants Accommodation And Food Service Activities Accommodation 55.1 - Hotels and similar accommodation
451 jobs Number of planned job losses
Announcement Date
15 July 2016
Employment effect (start)
15 July 2016
Foreseen end date
Description
Holiday provider Lowcost Travelgroup has gone into administration, causing the loss of all 451 jobs associated with the company. The company had been running since 2004, providing low cost flights and accommodation. The majority of these jobs are based in Poland, with 120 in Crawley and the rest in Switzerland and Majorca.
The abrupt bankruptcy has been blamed on interplay of four factors; competition, the UK’s EU referendum, the strengthening of the Euro against the pound, and the threat of terrorism. The firm has already ceased trading, with customers abroad and that have made bookings (27,000 and 11,0000 respectively) advised to seek compensation; 60% of these customers are British nationals. The company had a turnover of £500 million (EUR 596 million) last year. The company moved to Spain in 2013, such a move entailed that their customers were no longer under the Civil Aviation Authority’s (CAA) Atol protection scheme.
Sources
15 July 2016: BBC
18 July 2016: Crawley Observer
15 July 2016: Guardian
Citation
Eurofound (2016), Lowcostholidays, Bankruptcy in World, factsheet number 88230, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88230.
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