Date Published: 2nd February 2021
Specialist tour operator and travel agency Tucan Limited has ceased trading with the immediate loss of nine jobs.
The company filed a notice of intention to appoint Gareth Prince, Mark Malone and Joanne Hammond of insolvency specialists, Begbies Traynor as administrators on 2 February 2021 after falling into unprecedented financial difficulties as a result of the Covid-19 pandemic. It is anticipated that the company will formally enter into administration on or before 16 February 2021.
In addition, the company’s fully owned Australian subsidiary, Tucan Travel Pty Ltd, has also been placed into voluntary administration pursuant to a resolution of its Board, with Mr Andrew Barnden of Rodgers Reidy, Begbies Traynor’s associate firm in Sydney, Australia, being appointed as its Voluntary Administrator.
The company is accepting no further bookings and customers with existing bookings, who number around 850, will not be able to travel as planned.
The proposed administrators will contact all customers who hold bookings with Tucan Limited by email by no later than Friday 5th February 2021. This email will include full details of how customers can make a claim for any monies they have paid to the company.
Commenting on the news. Gareth Prince, partner at Begbies Traynor’s Birmingham office, says:
“It is always sad to see a once thriving business succumb to administration, especially when there are job losses involved. The travel industry has borne the brunt of the pandemic and despite taking a number of difficult decisions to mitigate the worst impacts of the crisis, the company has been unable to withstand overwhelming financial pressure.”
Matt Gannan, CEO of Tucan Limited, added:
“This is a truly devastating day for the business and our thoughts are with our loyal, long-serving staff who will be losing their jobs. We have had to make difficult decisions to keep the business operational throughout the Covid crisis, including many staff redundancies and suspending tour operations in March last year. But with little prospect of a return to normal international leisure travel on the horizon, the challenge has sadly proven too great and, with a heavy heart, the decision was taken to place the company into administration.
“I would like to thank all clients, suppliers and staff for their support over the years. We understand this will be a worrying time for customers with existing bookings and would urge them to contact the administrators to discuss how they can make a claim against any monies they may have already paid to the business.”
Begbies Traynor has set up a designated email address and telephone number for customers who are affected by the failure of Tucan Limited. Please email [email protected] or call 0845 228 2090.
Gareth joined the rapidly expanding Birmingham office of Begbies Traynor in 2004 having qualified with the ACCA that same year. Since then he has worked on a broad range of cases in industries as diverse as motion simulators and theatres, bakery, bulk haulage, printing and estate agency.
Having begun his career back in 2000, Gareth has a wide knowledge of all types of formal corporate insolvency and is able to advise management and stakeholders on maximising recoveries and extracting value from even the most precarious situations.