Malvern Group, which recently formed a strategic partnership with National Express to form ‘Holidays by National Express,’ has gone into administration.
National Express announced the launch of its new technology platform back in June, which enabled customers to bundle multiple products in one basket and provided a fully integrated inspiration planning and booking trip tool.
This announcement follows Cox and Kings India’s loan default a month ago, which resulted in the withdrawal of any further funding for the group.
The management team recently appointed advisors from KPMG to undertake an accelerated sales process to ensure further investment and engaged with principal bankers to secure interim funding.
It announced however, that it had been unable to secure bank support or a sale of the business. As a result, due to being unable to continue on a solvent basis, it has ceased training.
Hugo Kimber, Executive Chairman, said: “This is a devastating blow for all of our wonderful employees who have invested so much time and effort into building Malvern, its brands and trips technology platform.”
The company has said it continues to invite bids for the business and its assets.
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