Travel agents to be avoided report
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Travel agents advice: We have been saying this for a long time. High st travel agents and travel call centers are to be avoided, as they are highly likely to fail a report by PWC outlines
PricewaterhouseCoopers is warning of more travel agent failures in September following the closure of Miles Travel this week.
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“The travel industry is almost unique as it holds consumer cash months before it delivers the product. It is therefore easy to mistakenly believe the business is cash rich.
In reality, a lack of bookings can catch up with cash flow very quickly. Therefore performance can nose dive.”
“A hot summer will not dissipate the gathering storm clouds and we expect to see the next spate of agent insolvencies in September.
“Despite attractive discounts for long-haul destinations, the weak pound and prospect of a hot British summer, has meant those travel agents who can tap into the UK domestic market may fare better over the next few months than those purely reliant on long haul.
According to PwC, the travel industry experienced a 145% increase in insolvencies from Spring 2008 to March 2009, and an 80% rise from quarter one to quarter four this year.
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Friday, March 12 2010 03:26 pm
