Coach company in administration

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The Independent Online

A coach company which carries tens of thousands of holidaymakers a year has gone into administration.

Rocketing fuel prices and tough trading conditions were blamed for the predicament of Diamond Holidays, of Swansea, south Wales.

The company, registered as D Coaches Ltd and including Brian Isaac Coaches Ltd, employs 86 people and has an annual turnover of almost £11 million.

The popular carrier runs day trips and theatre breaks and carries up to 80,000 people a year to destinations across the UK and Europe.

But all holidays and day trips were halted yesterday until further notice as financial experts review its options.

PricewaterhouseCoopers (PwC) took over as joint administrator of the company and immediately suspended trading.

Roger Hale, of PwC, said: "The companies have suffered as a result of the ongoing economic challenges facing this particular segment of the travel and hospitality sector, including increased fuel and other costs, which resulted in difficult trading conditions.

"Due to difficulties in meeting the companies' financial obligations, and having run out of alternative options, the directors of the companies have placed them into administration.

"In the short term, the administrators have suspended business operations while they assess the options available. No holidays or day trips will leave until further notice.

"The administrators will be reviewing the position regarding outstanding customer bookings.

"The companies are financially bonded by the Association of Bonded Travel Organisers Trust - Total Payment Protection Policy in respect of coach holidays sold by the companies prior to December 31 2010.

"The provider of this cover will be writing to all customers who have paid for outstanding coach holidays to provide those customers with guidance on submitting their claims.

"The administrators will be contacting customers who have paid for outstanding day trips."