Travel agency insolvencies soar as buyers book for themselves
THE NUMBER of travel companies and tour operators closing down has soared over the past year due to more Britons buying holidays online, figures released today show.
According to accountants Wilkins Kennedy, 77 travel agencies and tour operators became insolvent in the year to 31 March, up 45 per cent on the previous year.
Despite a pick-up in the UK economy, Wilkins Kennedy partner Anthony Cork said the recession accelerated their decline as consumers learnt to book holidays without the help of a travel agent.
“Travel agents on the high street were once the first and only port of call for booking holidays, but the tide has turned and we are now seeing online booking services and price comparison sites taking over.”