Administrator Deloitte has confirmed 393 staff have been made redundant after the failure of Bowen Travel Group yesterday.
Matthew Cowlishaw and Dominic Wong, partners at Deloitte, were appointed as joint administrators to the coach operator and 38-strong travel agency group yesterday.
Deloitte said a skeleton staff of around 55 employees have been kept on to fulfil remaining operations. The administrator is helping staff who have lost their jobs to claim through the Redundancy Payments Service and is seeking a sale of the group's assets.
The company had experienced a "serious cash flow crisis", said the administrators.
A restructuring was considered and a sale of all three divisions sought, however a deal could not be concluded in the time available. All four trading firms within the group ceased trading because they were unable to meet payroll commitments.
Matt Cowlishaw, joint administrator and partner in Deloitte’s restructuring services team, said: “After exploring all possible avenues for the future of the group, it became clear that due to lack of funds it would be unable to continue to trade.
"As a result an orderly closure is being implemented. We are working hard to assist the 393 employees with generating claims through the Redundancy Payments Service. We are also seeking a sale for the assets of the group in order to retrieve as much value as possible for creditors.
“We are working closely with Bonded Coach Holidays to assist impacted customers, ensuring that all are fully aware of the situation and next steps. Customers will receive a letter during the coming days providing information and advice for claiming a refund for unfulfilled holidays. We are also seeking an alternative coach operator to fulfil forthcoming trips and ensure minimal disruption for holidaymakers.”