Low Cost Travel Group collapses in the wake of the Brexit vote
The Low Cost Travel Group – marketed as lowcosttravelgroup with the strapline ‘now anyone can go anywhere – has collapsed in the financial turbulence that followed from the Brexit vote. There were serious difficulties already, but the Brexit fall-out dropped the guillotine.
Many suppliers and clients have been left high and dry by the sudden bankruptcy of what was a €700 million business with 500 staff. Around 27,000 people are currently on holidays booked through the business.
Joe Muscat, CEO of the Gozo Tourism Association, sent an email to all members of the association today, informing them of the bankruptcy and saying: “This collapse of Lowcostravelgroup also affected accommodation providers in Malta and in Gozo. We will be providing you with more information on this subject as soon as it becomes available.”
It’s all over for the Low Cost Travel Group