Richard Keley and Andy Pear, Partners at BM Advisory LLP, the specialist restructuring, recovery and insolvency firm, have been appointed proposed joint liquidators of Jewel in the Crown Holidays Limited. The specialist tour operator based in Crawley, West Sussex, ceased trading on 1 April 2016.
Jewel in the Crown Holidays, which had been trading for 29 years with an annual capacity of 18,000 passengers to Turkey, incurred a significant reduction in income as a result of the difficult business environment brought on by the ongoing political disruption in Turkey which has severely affected its tourism sector.
Commenting on the liquidation, proposed joint liquidator Richard Keley says: “Although Jewel in the Crown Holidays had a long and proud reputation of providing specialist travel services to Turkey, tourism to the region has been badly hit as a result of the political instability. This has severely affected the business’ cash flow and its ability to continue trading.”
In recent months, several specialist UK-based travel companies to the area have collapsed, with the Head of the Turkish Hoteliers Federation, Osman Ayık, saying in an interview earlier this year that he saw 2016 as being a “very difficult year” for tourism. “We seem to be engaged too much in certain things, in terms of international and regional politics. This is problematic,” he said.
Richard Keley continues: “As the directors of Jewel in the Crown Holidays were unable to meet the direct costs and operational overheads of the business, it became clear that the company could not continue. It therefore ceased trading and is being placed into liquidation and we will take steps to realise the assets of the company for the benefit of its creditors. Any interested parties are encouraged to contact us on the details below as soon as possible”
Jewel in the Crown Holidays employed 6 permanent staff and 5 part time staff, all based within the UK. Regrettably all staff have been made redundant with immediate effect. Support will be provided to the affected staff.
The Civil Aviation Authority has stepped in to protect holidaymakers affected by the various travel company collapses. Customers or agents holding bookings may submit a claim for monies paid to either ATOL (reference 3906) or their credit card providers (if applicable). For further information in respect of ATOL claims, please visit http://www.caa.co.uk/atol-protection/.
Jewel in the Crown Holidays is to enter liquidation and creditors will be notified in due course by the proposed liquidators, Richard Keley and Andy Pear of BM Advisory. Tel: 01293 410 333 or email@example.com.
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