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Tour operator failures increasing according to new figures from the Air Travel Trust

Tour operator failures increasing according to new figures from the Air Travel Trust    Plane1

According to the latest financial statements from the Air Travel Trust, there were 13 ATOL failures in the financial year to March 31. There were only 11 the year before.

The cost to the ATT would have been £8.3m, compared to £0.8m in 2012/13.

However, the company has claimed that even though the increase is substantial, the levels were ‘manageable’.

As reported on the Travel Mole website, chair Michael Medlicott was confident that the ATT would be able to cope with the increased costs.

“The last 12 months has continued to be a challenging environment for travel operators, however despite this, the number of ATOL holder failures has remained low, with the total cost easily being managed from current reserves,” he said.

“The Trust has increased its surplus during the year by £36.7m, from £18m to £54.7m, and consequently it is no longer reliant on its borrowing facilities.

“”This development, along with the increasingly established ATOL certificate, should continue to reinforce the message to consumers that they are financially protected and help grow confidence in ATOL protected holidays over the coming year.”

Image credit: Thinkstock

 

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