Travel firm calls in receivers

A CASH crisis has forced travel company Cyberes and its subsidiary Corporate Travel International, which together employ 150 people to call in administrative receivers.

Cyberes, which is based in Harrogate North Yorkshire, employs around 30 people and has an annual turnover of £15m. It is a traditional air travel wholesaler that uses an internet-based system to provide independent travel agents with automated booking and ticketing facilities for their customers.

Corporate Travel International, which includes the Flightshop business, employs 120 people and has an annual turnover of £35m. Based in Hull it operates from seven branch offices across the north of England. The company operates as a travel agency to the corporate, retail and internet travel markets.

Steve Ellis, joint administrator and partner at PricewaterhouseCoopers, said: 'The Cyberes business had not attracted sufficient customers to generate positive cash-flow leading to a cash crisis at the business, despite Corporate Travel International Limited trading profitably.

'When investors would not provide further investment the group had insufficient cash to meet its monthly payment to IATA and its licence to issue airline tickets has been withdrawn. Consequently, the group has effectively ceased to trade.

'We have maintained a core workforce to hold the business together while we talk to potential buyers in the short term.'

Individual customers have been advised to contact the Civil Aviation Authority on 020 7453 6350 or at www.atol.org.uk.

Business customers should contact the company on the phone number they normally use, said Ellis