Travel firm fraudulent

The chairman of a travel firm which collapsed with more than £12m debts yesterday admitted fraudulent trading.

Valere Tjolle, 49, chairman of the Bath-based company Land Travel, which folded in the summer of 1992, was allowed bail after a judge at Bristol Crown Court adjourned the case until 10 February for pre-sentence reports to be prepared.

The court was told that hundreds of people had to cut short their holidays when the company went into voluntary liquidation. The total loss to travellers was around £6.6m, of which nothing has been repaid.

No evidence was offered against the company secretary, Theresa McDermott, 37, who faced similar charges, and she was formally acquitted .

A DTI inquiry into Land Travel's affairs is continuing.