Coach Ownership Company Shearings Collapses With Loss Of 2,500 Jobs, In The Final Blow To The Travel Industry
The Shearings touring car owner company has collapsed with the loss of 2,500 jobs, in the final blow to the travel industry.
Administrators at EY were unable to find a buyer for Specialist Leisure Group, which also owns brands such as Country Living Hotels and UK Breakaways. The hotel chains are not expected to reopen.
Body Blow: Specialist Leisure Group, owner of Shearings, had been on the brink for several weeks
EY said it had fired about 2,500 staff who were made redundant, adding to a grim toll of austerity in an industry with companies like Tui, British Airways and Virgin Ax jobs.
Thousands of customers are faced with holiday cancellation. EY said the “vast majority” are financially protected by industry associations or their credit card providers.
Specialist Leisure Group had been on the brink for several weeks.
Joint directors Sam Woodward said, “The group has been significantly affected by the pandemic as all tours, travel and events have been canceled and the hotels have been closed to the public, leading to a significant cash shortage.”