Package holiday company folds

Novotour, which specialised in package holidays and flights to Florida, Spain, Greece, Turkey and Bulgaria, has folded. The company traded under a variety of names, all using the word 'Passport'.

The Civil Aviation Authority said it had called in its bond of just under pounds 2.4m and all customers will receive a full refund.

Meanwhile, Thomson cut pounds 50m off more than a million holidays next summer and Owners Abroad announced big reductions on summer breaks.