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24/06/2004
Cyberes PLC placed in administration
Cyberes PLC and its subsidiary Corporate Travel International Limited have been placed in administration.
The Harrogate-based company, with an annual turnover of around £15 million which employs around 30 people and is a traditional air travel wholesaler that uses an Internet-based system to provide independent travel agents with automated booking and ticketing facilities for agents customers.
Subsidiary company Corporate Travel International Limited, which includes the Flightshop business, employs 120 people and has an annual turnover of £35 million. Based in Hull it operates from seven branch offices across the north of England. The company operates as a travel agency to the corporate, retail and Internet travel markets.
Steve Ellis, joint administrator and partner at PricewaterhouseCoopers, said: “The Cyberes business had not attracted sufficient customers to generate positive cash-flow leading to a cash crisis at the business, despite Corporate Travel International Limited trading profitably. When investors would not provide further investment the group had insufficient cash to meet its monthly payment to IATA and its license to issue airline tickets has been withdrawn. Consequently, the group has effectively ceased to trade.
“ We have maintained a core workforce to hold the business together whilst we talk to potential buyers in the short term.”
Individual customers are asked to contact the CAA on 020 7453 6350 or visit their website on www.atol.org.uk as PwC said that the CAA is best placed to provide them with the assistance.
Business customers are advised that they should contact the company in the usual manner.
(SP)
The Harrogate-based company, with an annual turnover of around £15 million which employs around 30 people and is a traditional air travel wholesaler that uses an Internet-based system to provide independent travel agents with automated booking and ticketing facilities for agents customers.
Subsidiary company Corporate Travel International Limited, which includes the Flightshop business, employs 120 people and has an annual turnover of £35 million. Based in Hull it operates from seven branch offices across the north of England. The company operates as a travel agency to the corporate, retail and Internet travel markets.
Steve Ellis, joint administrator and partner at PricewaterhouseCoopers, said: “The Cyberes business had not attracted sufficient customers to generate positive cash-flow leading to a cash crisis at the business, despite Corporate Travel International Limited trading profitably. When investors would not provide further investment the group had insufficient cash to meet its monthly payment to IATA and its license to issue airline tickets has been withdrawn. Consequently, the group has effectively ceased to trade.
“ We have maintained a core workforce to hold the business together whilst we talk to potential buyers in the short term.”
Individual customers are asked to contact the CAA on 020 7453 6350 or visit their website on www.atol.org.uk as PwC said that the CAA is best placed to provide them with the assistance.
Business customers are advised that they should contact the company in the usual manner.
(SP)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
