PwC partner Ian Oakley-Smith commented on the recent Kiss Flights collapse that “No-one expected” the budget holiday operator to fall into administration at the height of the holiday season. All recent travel operators that collapsed like Goldtrail, Sun4U and Kiss Flights, work off low margins and emergency reserves which have been eroded by the downturn, he added. Mr Oakley-Smith warned of a bigger spike in travel company insolvencies at the end of the year: “Some businesses will not have any cash reserves to tide them over as they await the next wave of bookings”.
