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LOW BLOW Lowcost Collapse Ruins 140,000 Holidays

Monday July 18, 2016

LOW BLOW Lowcost Collapse Ruins 140,000 Holidays

The financial collapse and closure of online travel agent Lowcost holidays last week has left nearly 140,000 holidaymakers in the lurch.

The company, which offered holidays to Lanzarote along with numerous other destinations, went into administration on July 15th in highly controversial circumstances. As their website was still enticing consumers to book breaks with the lure of discounts of up to 60% right up to the day before the company went belly up.

Now some 27,000 tourists have been left stranded in resort whilst the holiday plans of another 110,000 clients have been left in tatters. And worst still, these travelers are not ATOL protected, as Lowcost relocated from the UK to Spain in 2013, a move which was opposed at the time by the Civil Aviation Authority.

According to Lowcost spokesperson Finbarr O'Connell the firm's collapse was a consequence of Brexit. "The group experienced significant headwinds in the run up to the EU referendum as holidaymakers delayed decisions. This was compounded by the Leave vote itself and the subsequent fall in value of the pound. Regrettably, in these extraordinary conditions, the directors had no option but to place LowCostTravelGroup Limited into administration."

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