Wednesday, January 04, 2017

Brexit helps bring down major local employer

The news today has been full of the troubles of All Leisure Holidays. The Market Harborough firm has stopped trading and called in administrators, leaving hundreds of holidaymakers stranded abroad.

It sounds as though they will be helped and that customers who have paid for future holidays will largely have their money refunded.

The position over jobs in Harborough is set out by BBC News:
Administrators Grant Thornton will manage the affairs of All Leisure Holidays, along with three other travel companies based at a site in Market Harborough. 
A total of 250 people worked there, with 50 employed by All Leisure Holidays. All 50 have been made redundant along with virtually all of the company's 100 maritime staff. 
The other 200 workers at the Market Harborough site have kept their jobs after the other firms were sold to a subsidiary of Canadian tour operator G Adventures.
What has brought down the company?

The Independent report says it has been losing money on cruises for some time, but it is hard to ignore this:
The fall in the value of the pound following the EU referendum added extra pressure. All Leisure Group’s revenue is predominantly in sterling, but its costs are mainly in foreign currencies, particularly the US dollar and euro.

1 comment:

Martin Brookes @oakhamuk said...

Not wanted to argue with you but I would not blame brexit.
I would blame something which is seems to be very common in this country. A search of companies house shows the directors have closed three companies over the years. The first holding a similar name to the most recent. Some of the companies that trade from the group have been sold as profitable going concerns. Whilst two others are still in administration. Both those are cruise companies. I had just watched a TV programme about the Ocean Liners and the current success of cruise companies. Obviously not a success for this company.