Tourist board put into liquidation

THE Thames and Chiltern Tourist Board went into liquidation yesterday with an overall loss of pounds 350,000 after a meeting of members and creditors at Thame in Oxfordshire.

When the board failed last month hundreds of holiday-makers faced losing deposits made when they booked cottages in the Thames Valley through a subsidiary of the board. They have all been rescued by a fund set up by members of the board, but some cottage owners are owed money by the board which they are unlikely to recover in full.

Regional tourist boards were set up in 1972 as a collaboration between government, in the form of the English Tourist Board, and private enterprise. It is the first time one of the regional boards has failed. Members of the board included Trust House Forte and Oxfordshire County Council as well as many small hoteliers.

Mike Oldham of Smith and Williamson, the London chartered accountants, has been appointed liquidator. He said: 'Members, creditors and the English Tourist Board have attempted to rescue the Thames and Chiltern Board, but no plan could be agreed upon.'

The Thames and Chiltern Board spent pounds 520,000 on a property for its headquarters and borrowed pounds 180,000 from Barclays Bank to refurbish it. Now, following the slump in property values, the building is worth only pounds 350,000 and the board cannot afford to pay the mortgage because its income has also dropped.

Mr Oldham said he would be investigating management of the board prior to the failure. The chief accountant of the board was dismissed and the chief executive resigned immediately before the board ceased to trade.

'Members have asked me to investigate the circumstances surrounding these events and to inquire into why the board's financial circumstances deteriorated so quickly,' Mr Oldham said. 'The internal management accounts available before the failure did not reveal the financial difficulties which the board faced. Losses for 1992 amounted to pounds 400,000 but were not identified in the internal management accounts. The losses were discovered when external auditors came in to look at accounts.'

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

MBDA UK Ltd: Electronic Sub-System Design Verification engineer

Flexible working, annual bonus, pension & more.: MBDA UK Ltd: What’s the oppor...

MBDA UK Ltd: Test Systems Architect

Competitive salary & benefits: MBDA UK Ltd: What’s the opportunity? MBDA has e...

MBDA UK Ltd: Test Systems Design Engineer

Competitive salary & benefits: MBDA UK Ltd: What’s the opportunity?MBDA has en...

MBDA UK Ltd: PCB Technologies Engineer

Competitive salary & benefits: MBDA UK Ltd: What’s the opportunity?MBDA has en...

Day In a Page

Fifa corruption: The 161-page dossier that exposes the organisation's dark heart

The 161-page dossier that exposes Fifa's dark heart

How did a group of corrupt officials turn football’s governing body into what was, in essence, a criminal enterprise? Chris Green and David Connett reveal all
Mediterranean migrant crisis: 'If Europe thinks bombing boats will stop smuggling, it will not. We will defend ourselves,' says Tripoli PM

Exclusive interview with Tripoli PM Khalifa al-Ghweil

'If Europe thinks bombing boats will stop smuggling, it will not. We will defend ourselves'
Raymond Chandler's Los Angeles: How the author foretold the Californian water crisis

Raymond Chandler's Los Angeles

How the author foretold the Californian water crisis
Chinese artist who posted funny image of President Xi Jinping facing five years in prison as authorities crackdown on dissent in the arts

Art attack

Chinese artist who posted funny image of President Xi Jinping facing five years in prison
Marc Jacobs is putting Cher in the limelight as the face of his latest campaign

Cher is the new face of Marc Jacobs

Alexander Fury explains why designers are turning to august stars to front their lines
Parents of six-year-old who beat leukaemia plan to climb Ben Nevis for cancer charity

'I'm climbing Ben Nevis for my daughter'

Karen Attwood's young daughter Yasmin beat cancer. Now her family is about to take on a new challenge - scaling Ben Nevis to help other children
10 best wedding gift ideas

It's that time of year again... 10 best wedding gift ideas

Forget that fancy toaster, we've gone off-list to find memorable gifts that will last a lifetime
Paul Scholes column: With the Premier League over for another year, here are my end of season awards

Paul Scholes column

With the Premier League over for another year, here are my end of season awards
Heysel disaster 30th anniversary: Liverpool have seen too much tragedy to forget fateful day in Belgium

Liverpool have seen too much tragedy to forget Heysel

Thirty years ago, 39 fans waiting to watch a European Cup final died as a result of a fatal cocktail of circumstances. Ian Herbert looks at how a club dealt with this tragedy
Amir Khan vs Chris Algieri: Khan’s audition for Floyd Mayweather may turn into a no-win situation, says Frank Warren

Khan’s audition for Mayweather may turn into a no-win situation

The Bolton fighter could be damned if he dazzles and damned if he doesn’t against Algieri, the man last seen being decked six times by Pacquiao, says Frank Warren
Blundering Tony Blair quits as Middle East peace envoy – only Israel will miss him

Blundering Blair quits as Middle East peace envoy – only Israel will miss him

For Arabs – and for Britons who lost their loved ones in his shambolic war in Iraq – his appointment was an insult, says Robert Fisk
Fifa corruption arrests: All hail the Feds for riding to football's rescue

Fifa corruption arrests

All hail the Feds for riding to football's rescue, says Ian Herbert
Isis in Syria: The Kurdish enclave still resisting the tyranny of President Assad and militant fighters

The Kurdish enclave still resisting the tyranny of Assad and Isis

In Syrian Kurdish cantons along the Turkish border, the progressive aims of the 2011 uprising are being enacted despite the war. Patrick Cockburn returns to Amuda
How I survived Cambodia's Killing Fields: Acclaimed surgeon SreyRam Kuy celebrates her mother's determination to escape the US

How I survived Cambodia's Killing Fields

Acclaimed surgeon SreyRam Kuy celebrates her mother's determination to escape to the US
Stephen Mangan interview: From posh buffoon to pregnant dad, the actor has quite a range

How Stephen Mangan got his range

Posh buffoon, hapless writer, pregnant dad - Mangan is certainly a versatile actor