Seligo sold after parent company enters administration

www.seligo.com

Agent-only accommodation specialist Seligo has been bought by The Travel Club, after Unpackaged Holidays, its parent company, went into administration.

The Travel Club was the only company making a firm offer for the assets of Unpackaged Holidays, and was successful in its bid.

As part of the arrangement, it will honour all forward bookings for which deposits were received prior to Shipleys being appointed as administrators.

It was reported that most employee jobs were saved.

Shipleys released a statement in which it said that Birmingham-based Seligo’s difficulties arose from the market shift “dynamic” holiday packaging to the more traditional forms of holiday packages, as well as the decline in the pound against the euro and the US dollar.

“The difficulties facing the travel industry at this time are well documented and, with a reduced margin in forward bookings and the current economic conditions the company was unable to secure further funding,” Shipleys noted in a statement.

Conrad Beighton, Shipleys’ corporate recovery director and the joint administrator of Unpackaged Holidays commented: “Given the current economic situation, the competitiveness within the industry and the lack of gross margin in the company’s forward bookings, the business had a minimal value and this was reflected in the level of interest from potential purchasers.”

Thanks to www.travelmole.com for the above quotes, for more information on this article please visit their website.

www.seligo.com