Travel company ends in bankruptcy, cancels tours and trips
Those with booked tours were told not to submit claims for refunds.
While the last 12 months saw a number of high-profile airline insolvencies and even a few liquidations, several travel companies in different parts of the world have also filed for bankruptcy.
In June 2024, German group tour giant FTI Touristik GmbH canceled over 175,000 tours from Germany and nearby countries like Austria and the Netherlands, despite securing €125 million from new investors just a few months earlier.
While the company founded in the 1980s was once described as "too big to fail," chief executive Karl Markgraf announced that "an increased need for liquidity [...] could no longer be bridged."
Nearly a year later, the defunct tour operator is facing the threat of legal action from travel agencies that had to absorb the cost of refunding canceled tours.
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Tour operator offering city getaways, Middle Eastern trips loses license
Over in the United Kingdom, a tour operator called Great Little Escapes LLP suddenly found itself stripped of the Air Travel Organiser's Licence (ATOL) required to operate in the country and ceased operations as of June 13.
The Berkshire-based firm marketed itself as the organizer of "holidays to the world’s most iconic cities" and also traded under names such as Your Holidays and Tunisia First. The trips included organized tours to countries across the Middle East, Europe and the Caribbean. The firm also sold tailored holiday packages for bride and groom parties, LGBTQ travelers, and large family and corporate groups.
Related: Iconic travel brand oddly scrubbed from internet, some get refunds
British travel news outlet TTG reported that Great Little Escapes reached a state of bankruptcy after sustaining a loss of £77,000 ($103,000 USD) in 2024 and £186,000 ($250,000 USD) in 2023.
While no specific tour cancellations have yet been shared, the loss of the license could potentially affect thousands with booked travel.
On its website, Britain's Civil Aviation Authority (CAA) said that it is "currently collating information from the company and will update this page as soon as possible," while also instructing both individuals and travel agencies not to submit refund claims until more information about the state of the company is released. Image source: Shutterstock
'Please do not submit a claim, as these will be rejected'
"Whilst waiting for further information, please do not submit a claim, as these will be rejected," the aviation regulator states. It instructed agents "currently holding consumer payments which you have not yet paid to Great Little Escapes" to hold on to them rather than start issuing refunds.
More on travel and bankruptcy:
- Airline that filed for bankruptcy selling off parts
- Troubled airline files bankruptcy, travelers may not get refunds
- Famous restaurant files for Chapter 11 bankruptcy
The sudden — and at least for the time being, inexplicable — shutdown comes just three months after fellow British tour operator Jetline Holidays similarly stopped trading under ATOL.
Insolvency agents from two firms were assigned to the company a few weeks later, and over 5,000 customers with booked cruises are currently similarly waiting to see whether the proceedings will result in a restructuring or full shutdown.
Some of the cruises on lines such as Carnival (CCL) 's Princess and Holland America had already been canceled, but the CAA protections affect only packages that included a flight.
After nearly 60 years operating in the country, Balkan Holidays has also shut down its UK branch in April 2025, as high market competition and fluctuating demand for organized tours led to financial losses.
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