Two-decade-old hotel site LateRooms faces financial meltdown
The LateRooms accommodation reservation site is in trouble. Its parent company, Malvern Group, found itself in financial difficulty, with sister brand Super Break Mini Holidays also hit.
An administrator (a UK body tasked with overseeing affairs after a collapse) is appointed to run the business, but, according to a statement from Malvern, LateRooms’ upcoming bookings should be secure and payment should be taken care of by the supplier. ‘accommodation.
The LateRooms brand has a somewhat turbulent history.
It was initially acquired by First Choice (which itself became a TUI brand) for Â£ 108million in 2006, in order to give the tour operator a way to expand its accommodation offering.
TUI officially put a “For Sale” sign on LateRooms in mid-May 2015, when it didn’t fit the portfolio, as the tour operator giant sought a single-brand strategy.
The hosting site was then sold by TUI to Cox & Kings for Â£ 8.5million at the end of 2015.
Only about six months later, Cox & Kings sold LateRooms for Â£ 20million to Malvern in April 2016.
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Although LateRooms is not a member of ABTA, the association’s website which helps travelers when UK businesses collapse has provided advice to customers.
Super Break customers, on the other hand, already traveling or about to leave were advised to contact their travel agent or refer to ABTA for package travel and CAA for travel with flight included. .
An ABTA statement for Super Break customers states, âThe vast majority of vacationers’ arrangements will be covered by one of different types of financial protection.
“The majority of vacationer package bookings are covered by ABTA financial protection, while a significant proportion of other arrangements are covered by other types of protection, including ATOL and credit card arrangements, depending on the type. reservation. “