Malvern Group, the parent company of York’s Super Break and Laterooms.com in Manchester has gone into administration.
The company is part-owned (49%) by Indian travel firm, Cox & Kings Ltd, which defaulted on debt payments last month. This led to it being marked down by a number of credit ratings agencies.
It had hoped to secure interim funding, but that appears to have failed.
KPMG has been appointed as administrators as the group seeks to sell its business and assets.
In a statement the firm said:
“Unfortunately, given the short time frame enabled by our cash position and despite interest from potential purchasers, we have been unable to secure bank support or a sale of the business.
“As a result, Late Rooms Ltd (LateRooms.com), Super Break Mini-Holidays Ltd (Super Break) and Malvern Travel Technology Limited are unable to continue on a solvent basis and have ceased trading.”
The company’s Executive Chairman, Hugo Kimber added that it was a “devastating blow” for “our wonderful employees”.
He continued:
“To be so close to delivering our goal of an integrated, dynamic and commercially successful business, that could provide significant value through its innovative products, is heartbreaking.”
In March, Malvern Group unveiled a new booking platform to enable customers to book a number of products at once. It had been developed over 2 years, mainly in Manchester.
Last month, it invested in its marketing team in the city, with Katherine Scott becoming Marketing Director and Dan McLoughlin taking up the Head of Digital Acquisition role.
The company had more than 250 employees based across Manchester and York.
