A Bridgend-based tour operator which took school trips to North America and Europe has ceased trading with immediate effect.
Academy of International Sport, which traded as Canadian Rockies Academy, Independent School Skier and The Sports Academy, held an ATOL and was also an ABTA member.
It appeared to organise mainly school ski trips and winter sports instructor training courses in North America.
The Civil Aviation Authority said the company currently has no customers abroad and it is still trying to ascertain the number of forward bookings.
The businss was founded in 2005 by chairman Alun Williams, who claims to have worked in the winter sports industry for 25 years, and managing director Catherine Mary Lewis.
According to the Independent School Skier website, shareholders in the business included Finance Wales, a company formed by the Welsh government to make long-term commercial investments in businesses based in Wales.
Finance Wales currently manages £370 million of funds, which includes a new £150 million fund provided mainly by the Euroepan Investment Bank, it said.
The CAA said further information will follow shortly.
