A company said to be one of the original UK bed banks has failed, the new Atol Flight-Plus regulations blamed in part for its demise.
Travel Trust Association member Today We Travel, which supplied worldwide villas, hotels and self catering accommodation to the trade since January 2001, ceased trading on Tuesday.
Gary Lewis, group managing director of The Travel Network Group, said: “We are sorry that Today We Travel has ceased trading and we send our thoughts and best wishes to the team there.
“We are now looking at the financial details of their closure and the implications for agents.”
TTA’s financial arrangements means it offers consumers a 100% financial guarantee and none will be left out of pocket as a result of the failure of the Luton-based company.
Although the tough trading conditions are thought to be partly to blame for the failure, the Flight-Plus Atol rules brought in in April are also thought to have contributed.
These now mean agents packaging up their own holiday deals including a flight plus accommodation or car hire must do so under an Atol licence.
A source close to the company said Today We Travel worked largely with independent agents with small turnovers.
Many of these are thought to have sought Atol cover from other sources rather than incurring the cost of getting their own licences and as a result have switched to using other suppliers.
One agent, who did not wish to be named, said: “Today we Travel were very well known with independent agents.
“We had several forward bookings but they’ll be covered as they were a TTA member.
“It’s a shame when a company goes under during the summer and it’s a bit of concern because trading should be good at this time of year.”
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