Greece, Cyprus & Egypt specialist ceases trading
Greece, Cyprus and Egypt specialist Dream Holidays has collapsed.
Managing director Akis Kyprianou issued a statement saying the fledgling operator had been unable to survive "fierce price competition" from the travel giants.
The statement said: "It is with great sadness that I announce today that Dream Holidays Ltd has ceased trading this afternoon Tuesday 19 July
"I wish to express my sincere apologies for all the inconvenience this will cause to all the travelling public that have booked a holiday with us, to those holidaymakers who are currently in resort, as well as all our retail and overseas agents and hoteliers who have supported us over the last two years.
"Sincere apologies also go to all our devoted staff and business associates who have worked hard to establish the business over the last two seasons."
The company is fully protected under its ATOL licence and the Civil Aviation Authority is arranging the repatriation of some 600 holidaymakers currently abroad.
Dream Holidays said it had experienced adverse trading conditions in the last month and fierce price competition from 'well-established travel companies' which had made it impossible for it to continue trading without incurring further losses and liabilities in "an exceptionally weak market and an unsustainable business environment".
Alexander Lawson Jacobs has been appointed as the company's liquidator.
With permission from Travelmole
There may be other companies with similar trading names. The web address of the company in question is http://www.dreamholidaysltd.com/
Further information for customers is now available from the CAA:
http://www.caa.co.uk/application.aspx?catid=27&pagetype=65&appid=9&mode=detail&nid=2016
David
Further information for customers is now available from the CAA:
http://www.caa.co.uk/application.aspx?catid=27&pagetype=65&appid=9&mode=detail&nid=2016
David
More than 2,000 holidaymakers hit by Dream Holidays collapse
Some 1,800 clients have lost their holidays following the collapse of Greece and Cyprus specialist Dream Holidays.
The Civil Aviation Authority confirmed they would be refunded under the company's ATOL but they will not be able to take holidays booked through the tour opertor which ceased trading today.
Dream Holidays had a bond for £265,000.
A further 525 customers were abroad when the company announced it's collapse. The CAA said they would be able to complete their holidays and fly home as planned, but it admitted some would have to pay again for their accommodation and claim refunds on returning home.
A spokesman for liquidators Alexander Lawson Jacobs said all five or six employees had been made redundant and there was no possibility of the business being sold.
The demise of Dream Holidays, which was launched just over a year ago by former Libra Holidays boss Akis Kyprianou, follows the financial failure of Gill's Cruise Centre last week.
Rochelle Turner, Head of Research for Which? Travel, said: "This is yet more bad news for UK holidaymakers and the travel industry. Dream Holidays is the second travel firm to go into administration in just four days, and the most recent in a long list of travel companies that have suffered as a result of the economic downturn."
Owner Kyprianou blamed fierce price competition from rival operators and tough trading conditions over the past month for the company's fate.
With permission from Travelmole
Some 1,800 clients have lost their holidays following the collapse of Greece and Cyprus specialist Dream Holidays.
The Civil Aviation Authority confirmed they would be refunded under the company's ATOL but they will not be able to take holidays booked through the tour opertor which ceased trading today.
Dream Holidays had a bond for £265,000.
A further 525 customers were abroad when the company announced it's collapse. The CAA said they would be able to complete their holidays and fly home as planned, but it admitted some would have to pay again for their accommodation and claim refunds on returning home.
A spokesman for liquidators Alexander Lawson Jacobs said all five or six employees had been made redundant and there was no possibility of the business being sold.
The demise of Dream Holidays, which was launched just over a year ago by former Libra Holidays boss Akis Kyprianou, follows the financial failure of Gill's Cruise Centre last week.
Rochelle Turner, Head of Research for Which? Travel, said: "This is yet more bad news for UK holidaymakers and the travel industry. Dream Holidays is the second travel firm to go into administration in just four days, and the most recent in a long list of travel companies that have suffered as a result of the economic downturn."
Owner Kyprianou blamed fierce price competition from rival operators and tough trading conditions over the past month for the company's fate.
With permission from Travelmole
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