The suspension by Youtravel follows the insolvency of its German parent, FTI Touristik.
- FTI Touristik has appointed Axel Bierbach as provisional insolvency administrator to explore continuation options.
- Holidaymakers in resorts are being asked to pay locally due to the collapse.
- FTI prioritises finding solutions for approximately 60,000 travellers currently in destination.
- Youtravel extends booking cancellations until 7th June to manage the crisis.
The suspension of sales by Youtravel is in direct response to the financial troubles faced by its parent company, FTI Touristik, based in Germany. This decision extends a halt on bookings into a second week, affecting numerous holidaymakers globally. Consequently, some travellers have been asked to pay for their accommodation directly at resorts.
FTI Touristik has engaged Axel Bierbach, a restructuring expert, as the provisional insolvency administrator. He is tasked with investigating options for the continuation or sale of parts of the insolvent company both in Germany and internationally. His primary focus is on assisting around 60,000 holidaymakers currently at various destinations.
The collapse has prompted Youtravel, a bed bank with a global hotel portfolio, to acknowledge the challenging situation. They are working to provide support by sharing vital information with partners to alleviate customer concerns. All active bookings are cancelled through 14th June without incurring cancellation fees.
FTI has also halted new bookings and is working with the German Travel Security Fund (DRSF) to protect consumer payments. Bierbach stated, “FTI, the DRSF and I know the stress this situation brings to holidaymakers, and we are committed to finding quick solutions to minimise any potential damage.”
Youtravel’s General Manager, Matthew Carpenter, expressed determination to assist their partners, despite operational difficulties. He cited the necessity of cancellations as an unwanted but unavoidable decision, underscoring the commitment of Youtravel’s team to support and navigate through this period.
Youtravel and FTI are striving to resolve the operational challenges caused by the insolvency.
