Libra holidays, Allbury Travel Group and E-Clear the end of story

I hate predicting bad news. Two months ago my intuition and the market made me think that Allbury Travel group was going to go down the drain taking with them customers and suppliers and so I published it here

The websites of the group are already down and they stop selling those destinations the group used to have in its portfolio. The hotels in Greece, Turkey, Cyprus etc. are getting nervous, the handing agents are hitting their heads and the authorities keep silent.

The perfect excuse is the financial crisis; the reality though is still to be proven. I am sorry to see that once again the law and its guardians are unable to stop fraud. What is going to happen now? Are they going to come back with a new name? New directors? New image? This is a movie we saw again.
Anyway this was a nasty Christmas present for the 100 passengers in destinations and the 4000 customers that made bookings with them.

My only advice to hotels and suppliers is to revise their collaborators, look at their contacts and make sure they have all the guarantees in place locally as well. Allbury Travel Group has never obtained any kind of licence in Cyprus for example and they had contracts with many hotels.

According to the Daily Telegraph there is more to that, it seems that the Greek Elias Elia, E-Clear's chief executive is understood to have a controlling stake in Allbury's parent company. Allbury has also been linked to the card-payment processor under examination by the administrators of Globespan.

PricewaterhouseCoopers is pursuing E-Clear to find out why the company held back more than £30m owed to Globespan, the owner of Flyglobespan.com, which operated flights from Scotland to holiday destinations such as Spain.

Allbury Travel Group will go bankrupt

The travel organisation the is led by Andreas Drakou and his collaborators will not support the pressure and will announce its bankruptcy just before Christmas,

This is what we think since the payments for last summer’s accommodation and services in Cyprus are paid with great delays and after huge pressures from the stakeholders.

Allbury Travel  that took over all Libra Holidays operations 2 years ago it was contempt to die since the directors were still managing the finances of the company as if they were their pocket money.

I am wondering how many tourists will stay in destinations and how many booking will remain unpaid.
It seems that hoteliers and other suppliers do not understand the bankruptcy of Allbury will take the reputation of the Cypriot Travel Product even lower.

I guess after this post I will get another phone call from them asking why I give them bad name. They will get their answer soon ... even better they will answer the question themselves in less than 2 months time.