Luxtripper appoints ReSolve as administrators

Independent restructuring and advisory firm ReSolve has announced that partners Chris Farrington and Simon Jagger have been appointed joint administrators to Luxtripper Ltd, the luxury tour operator.

Despite significant growth and a rapidly growing customer base, Luxtripper experienced difficult trading conditions in recent months creating insurmountable financial difficulties.

The appointment follows an accelerated merger and acquisition (AMA) process, which aimed to find rapid rescue funds or a buyer for the business, assets and employees.

According to ReSolve, due to the company’s difficult cash position and the very tight rescue timeframe, the “best” outcome achievable in the circumstances has been an asset sale. The sale will be concluding in the coming days.

This means that the company is unable to continue to trade and Luxtripper’s 60 UK employees have been made redundant.

ReSolve will be providing support to those employees as a matter of priority, including providing information on how to make redundancy payment claims. Existing customers will continue to be supported by the Civil Aviation Authority (CAA).

Farrington said: “Despite some of the highest interest we’ve seen from potential bidders, unfortunately the current investment climate meant that a rapid rescue of the business that secured the jobs of Luxtripper’s employees was not achievable. ReSolve will now be focused on achieving the best possible results for creditors, including finalising the asset sale, and supporting employees through the redundancy process.”

Nena Chaletzos, founder and CEO of Luxtripper, said: “We are devastated to be announcing this news today. The team has worked tirelessly to find a sustainable solution for our business, but it is with heavy hearts that we have had to choose this option as the only path forward.

“We are committed to managing this process transparently and responsibly, ensuring that our stakeholders’ interests are safeguarded, and our incredible team is supported to the best of our ability. We are eternally grateful for the support of our employees, customers and partners throughout our journey.”