MUNICH, 5 June 2024: FTI Touristik GmbH, the parent company of the FTI Group, the third largest tour operator in Europe, filed an application for insolvency proceedings at the Munich Local Court on Monday.
According to an FTI statement, only the tour operator brand FTI Touristik is directly affected by the insolvency filing. Subsequently, however, corresponding applications will also be filed for other Group companies. Windrose Finest Travel GmbH, with the luxury brand WINDROSE, will continue its business.
The independent companies Euvia Travel GmbH and its travel shopping channel sonnenklar.TV as well as the franchise system of Touristik Vertriebsgesellschaft mbH (TVG) with its brands sonnenklar.TV Reisebüros, 5vorFlug Reisebüros and Flugbörse do not belong to the FTI Group.
After a lengthy and complex investor process, the entry of a consortium of investors was announced in April 2024. Since then, however, booking figures have fallen well short of expectations despite the positive news the FTI statement explained. In addition, numerous suppliers insisted on advance payment, which added to the company’s cash flow crisis.
“As a result, there was an increased need for liquidity, which could no longer be bridged until the closing of the investor process. The filing for insolvency has therefore become necessary for legal reasons.”
Supporting travellers affected by the insolvency is now a top priority for the FTI GROUP through a support website has already been set up at www.fti-group.com/en/insolvency as well as a support hotline at +49 (0) 89 / 710 45 14 98. All relevant information can be accessed here and German and English-speaking contact persons are available for individual questions.
“We are currently working hard to ensure that trips that have already started can be completed as planned. Trips that have not yet begun will no longer be possible or only partially possible from 4 June 2024. In cooperation with the (provisional) insolvency administrator yet to be appointed.”
In Thailand, the group’s tour business was handled by Meeting Point Asia. Meeting Point International the group’s Destination Management Company commented on social media: “It saddens us to inform you that our mother company FTI Touristik GmbH has filed for bankruptcy on 3 June 2024.
“Our Meeting Point offices, being separate legal entities, remain active until further notice. As you can imagine, the situation is fluid. However, the well-being of your guests at the destination and near-term arrivals remains our top priority.”
About the FTI Group
FTI Group employs 11,000 staff who deliver holidays and its famous last-minute options to 120 destinations. The group earned EUR4.1 billion in consolidated sales during the fiscal year 2022-2023, making its numerous brands and subsidiaries the third largest tour operator in Europe.
(SOURCE: FTI Group)
