More Redundancies

[bluenun]

http://news.bbc.co.uk/1/hi/business/4795033.stm

Travel World tour firm shuts down

Essex-based travel company Travel World International (TWI) has ceased trading with 500 holidaymakers still abroad.

The Civil Aviation Authority (CAA) has stepped in to fly them home at the end of their holidays after the company closed down yesterday.

TWI, which traded under the names of TWI Flights, Jewels of the World and flightcabin.com, sold flights and package holidays to Northern Cyprus.

Customers who have yet to start their holidays will get their money back.

But the CAA, which is organising the rescue, says some people with tickets for flight-only bookings may still be able to fly out.

A CAA spokesman said of those currently abroad: "In most cases they will not notice any difference, they will come home on their normal flight."

ATOL scheme

The CAA runs the Air Travel Organiser's Licensing (ATOL) scheme under which member companies put down a deposit, known as a bond.

This pays for the return of holidaymakers who might otherwise be stranded and to repay those who can no longer go on holiday.

In the case of TWI the company had deposited £934,000.

Last week a London travel firm, Tapestry Holidays, went under with 1,500 customers abroad.

It operated package holidays to Turkey, Greece and Croatia.