Lowcosttravel ceases to trade hitting 140,000 holidaymakers

Online travel agent Lowcosttravel ceased trading on Friday in a move that hit almost 140,000 customers.

The company, which sold low-cost flights and hotels to consumers, appointed Smith & Williamson and CMB Partners UK as joint administrators to the business.

Around 27,000 of its customers are on holidays booked through the company.

A further 110,000 have booked future flights and accommodation through its websites.

Its website said that flight tickets held by those already abroad remain valid although they could have to have pay locally for airport transfers, hotels and other services.

The website: http://www.lowcosttravelgroup.com provides full details for its customers.

Lowcosttravel served a mainly British market. On Friday, Finbarr O'Connell of Smith & Williamson blamed its demise on the UK's vote to leave the European Union.

“The group experienced significant market headwinds in the run up to the EU referendum as holidaymakers delayed decisions,” he said. “This was compounded by the leave vote itself and the subsequent fall in value of the pound.”