Kaleidoscope Travel Group has won agreement from the Civil Aviation Authority that it no longer is required to hold a separate ATOL financial bond.
The UK’s largest escorted tours specialist, parent company of Travelsphere, Page & Moy and Just You, made the announcement following a financial restructuring of the company four months ago.
The group carries around 100,000 holidaymakers a year and employs 414 staff in the UK plus a further 300 tour managers worldwide.
CEO William Burton said: “This is a very welcome vote of confidence by the CAA in the company’s strong balance sheet following our recent financial restructure, and in the management’s robust actions in tackling the impact of the credit crunch.
“Our proactive response to changing market conditions, both in terms of marketing and of costs, should significantly mitigate the impact of the recession on the company and put us in a very strong position to benefit from the upturn when it comes.”
