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| Travel group goes into administration | Travel group goes into administration |
| (35 minutes later) | |
| Lowcost Travelgroup is in administration affecting 27,000 holiday makers in resorts and 110,000 with bookings. | |
| Smith & Williamson and CMB Partners UK have been appointed joint administrators to Lowcost Travelgroup. | |
| The group said it ceased trading on 15 July 2016, following exhaustive attempts by the group's directors to rescue the group. | The group said it ceased trading on 15 July 2016, following exhaustive attempts by the group's directors to rescue the group. |
| It said it has been "hampered by the recent and ongoing turbulent financial environment". | It said it has been "hampered by the recent and ongoing turbulent financial environment". |
| The group operated a travel agency business from headquarters in the UK and offices in Spain, Switzerland and Poland. | The group operated a travel agency business from headquarters in the UK and offices in Spain, Switzerland and Poland. |
| The group mainly sold hotel accommodation through its wholesale (Lowcostbeds) and retail (Lowcostholidays) businesses. | The group mainly sold hotel accommodation through its wholesale (Lowcostbeds) and retail (Lowcostholidays) businesses. |
| It also sold holidays to consumers in Europe and Scandinavia using technology that enabled customer to choose from a variety of flights and hotels for their chosen destination. | It also sold holidays to consumers in Europe and Scandinavia using technology that enabled customer to choose from a variety of flights and hotels for their chosen destination. |
| The failure will affect many customers who have purchased flights or holidays, some of whom are on holiday in resorts and some of whom have not travelled yet. | The failure will affect many customers who have purchased flights or holidays, some of whom are on holiday in resorts and some of whom have not travelled yet. |
| A statement said that all flights involving people currently in resorts have been paid for and hence customers will be able to fly home when their holidays are over. | A statement said that all flights involving people currently in resorts have been paid for and hence customers will be able to fly home when their holidays are over. |
| It added that, "unfortunately, as regards customers who have not travelled as yet a small number will have problems as regards their flights not having been paid for and many will have problems as regards their hotel rooms not having been paid for". | It added that, "unfortunately, as regards customers who have not travelled as yet a small number will have problems as regards their flights not having been paid for and many will have problems as regards their hotel rooms not having been paid for". |