Lowcost Travel Group haemorrhaged cash as it neared collapse last month and there are no clear answers as to what happened to the money. The company ceased trading owing an estimated £75 million, according to its joint administrators, with just “a few million pounds” available to meet creditors’ claims.
Yet company terms and conditions demanded payment a minimum 84 days in advance of travel. When it ceased trading on July 15, it would have taken full payment from customers due to travel up to October 6. Travel Weekly understands the group handled close to £1.5 million a day in revenue in its final 10 days of trading. Still lots more questions than answers! Read more >
Want to put together your own LowCostHolidays?
Make sure you read this article before you book your next holiday. The ultimate protection for a low cost holiday. Thank us later!
The latest news from the administrators of lowcostholidays.com
Many lowcostholidays customers have turned to crowdfunding to appeal to the better nature of the public. It is a long shot of course but you may well drop lucky and help fund your next holiday. Find out how to set up a crowdfunding page and good luck.
Grab a Deal!