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Travesse Lifestyle enters administration

Date Added: 08/10/2012  

Travesse Lifestyle requires company debt help and has been placed into administration.

Travelmole.com reports that Duff & Phelps have been appointed as joint administrators of the London-based online luxury travel organisation.

Previously, the firm was called Flash Sales and it currently operates websites including www.thetraveleditor.com and www.travesse.com.

Its US-based operations include private-sale luxury travel website Spire, lifestyle curator body Suzanne's Files and UK-focused group Travel Intelligence, as well as villa and boutique hotel specialist Chic Retreats, which are part of the portfolio of its US-based firm Perfect Escapes.

Travesse Lifestyle acquired these assets alongside inventory management and proprietary online booking system Starfish Interactive.

At this time, it was thought that the luxury travel market would be able to withstand economic storms in 2012, with demand for affordable, high-class tourism predicted to rise.

Travesse Lifestyle suggested the acquisitions would have allowed it to offer international consumers an "unrivalled selection of hand-picked hotels", while still offering preferential rates to its members.

Chief executive officer of the enterprise Amir Azulay argued following the purchase that "2012 will be a defining year for Travesse" and outlined his intention for the firm to become the "market leader" in the industry.

Joint administrator Andrew Stoneman was quoted by the news source as saying that the administrators intend to sell the company's assets and business.

This corporate debt help has involved an "extensive marketing campaign", he revealed, stating this has occurred over the last ten days.

"It is with regret that we have not been able to do this within the tight fiscal position the company is in," he added.

As a result, the firm has been put into administration while the business insolvency specialists continue to look for an investor to purchase it, the representative declared.

Although Mr Stoneman claimed several interested parties have stepped forward and that discussions regarding a sale are ongoing, he urged any other bodies that may wish to purchase a brand in the luxury travel sector to get in touch with him.

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Posted by Michael Beam

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