Lowcost Travel Group, one of Europe’s early bedbanks and a mid-tier online travel agency, has ceased trading.
The company says in a statement that it has ended its activities following “exhaustive attempts by the group’s directors to rescue the group, which has been hampered by the recent and ongoing turbulent financial environment”.
The brands in the group include the consumer-facing Lowcost Holidays and LowcostBeds, the trade accommodation arm of the business.
A statement says:
“On behalf of LCTG, the directors wish to profusely apologise for the inconvenience and distress that this will cause to our customers.”
Some 110,000 travellers are due to be travelling on trips booked through the OTA in the coming weeks and months, and there are supposedly around 27,000 customers in-resort, according to Travel Weekly.
One of the company’s backers, Albion Enterprise, got £123,000 from the sale of its investment in Lowcost Travel Group at some point between October 2015 and February this year.
The company came onto the scene in 2004, initially to ride on the growth of dynamic packaging in Europe whereby travel agencies could bundle accommodation (from LowcostBeds) and flights together rather than pick a pre-organised package holiday from a tour operator.
In later years it developed and pushed the Lowcost Holidays brand, aimed at consumers and a front for its bedbank activities.