Malvern Group, the parent company of Super Beak and Laterooms.com has gone into administration as of August 1 and has ceased trading with immediate effect.
The company’s decision to appoint administrators was due to the group “deteriorated rapidly” following news of Cox and Kings India’s loan default a month ago, resulting in the withdrawal of any further funding for Malvern Group. Malvern is part-owned by the Indian travel specialist.
The management team recently appointed KPMG to try and sell the group to ensure secure investment and engaged with banks to secure interim funding.
“Unfortunately, given the short timeframe enabled by our cash position and despite interest from potential purchasers, we have been unable to secure bank support or a sale of the business,” Malvern Group said in a statement.
“The senior team at Malvern Group have worked tirelessly to look at all the available options to protect our employees, customers, trade partners and suppliers, whilst simultaneously working with regulatory bodies such as ABTA and the CAA to ensure minimum disruption to our customers in the event that the business could not continue.”
The group’s executive chairman Hugo Kimber said the news was “a devastating blow” for all the employees involved who have invested “so much time and effort into building the company, it’s brands and trips technology platform”.
“To be so close to delivering our goal of an integrated, dynamic and commercially successful business, that could provide significant value through its innovative products, is heartbreaking,” said Kimber.
As a result, Super Break, Late Rooms and Malvern Travel Technology Limited have all ceased trading. Super Break hotel-only holidays would also be cancelled and those currently on holiday would like need to pay again. Bookings through LateRooms.com is would be secure, said the group.
Super Break and Laterooms.com affiliate programs via Awin have also been suspended following the announcement.