Travel Agents

Flight Centre granted loan extension

Flight Centre Travel Group (FCTG) has been approved to extend the short-term £65 million loan it received last year under the Bank of England’s COVID Corporate Financing Facility.

The funds were initially made available for 12 months to support short-term liquidity among firms as they worked to overcome disruption caused by coronavirus and the restrictions that were applied to slow its spread.

FCTG’s initial £65 million ($117 million) advance was for a term ending this month, but the Bank of England has now approved a 12-month extension through to March 2022, as well as an additional £50 million debt facility available for the same duration.

In its half-yearly results announcement last week, FCTG flagged a liquidity position in excess of $1.2 billion at 31 December 2020, including the initial £65 million loan.

FCTG managing director Graham “Skroo” Turner said: “While some positive signs are emerging, the travel, tourism and aviation industries still face significant challenges while widespread travel restrictions are in place.

“We thank the Bank of England for its ongoing and proactive support, which will help businesses save jobs and weather the near-term challenges.”


Featured image source: Westfield



SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Wholesalers

Virtuoso uncovers key differences in how each generation travels

Meanwhile, Travel Weekly staff are conducting our own research to tap into the zoomer market by teaching the office dog TikTok dances. It’s not going well.

Share

CommentComments

Cruise

Royal Caribbean Group completes its comeback with all ships back at sea

To honour the milestone, all 63 ships in the group’s fleet sounded their horns at once, which most likely scared the sh*t out of nearby fishing boats and unsuspecting wales across the world.

Share

CommentComments

Travel Agents

Virgin teams up with Flight Centre for money-can’t-buy workshop

It’s the second time a Flight Centre partnership has come up this week and it’s only Tuesday! Skroo must be feeling extra convivial this week.

Share

CommentComments

Aviation

“It’s more like a bribe”: Unions slam Qantas’ $5,000 ‘thank you’ payment

Speaking of bribes, if anyone would like to bribe us with an all-expenses-paid trip to Japan we promise to give you a good review on TripAdvisor.

Share

CommentComments

Destinations

Solomon Islands to reduce mandatory quarantine

Good news for those looking to travel across the Pacific Islands! Not so good news for those who enjoy being confined to a hotel room for days on end.

Share

CommentComments

Hotels

Oakwood solidifies Aussie presence with full opening of Melbourne luxury property

Looking to treat yourself? Don’t get a chocolate at the shops, book yourself a stay at the new Oakwood property in Melbourne (or do both)!

Share

CommentComments

Aviation

Flight Centre signs landmark agreement with Rex as pilots prepare for industrial action

While seemingly struggling to win popularity among its pilots, the regional carrier has turned to its agency partners for reassurance.

Share

CommentComments

Cruise

Princess reveals The Real Love Boat crew, celebrates ‘Top Gun Agents’

Say a prayer for the poor souls tasked with wrangling a ship full of reality dating contestants hell-bent on getting frisky at sea.

Share

CommentComments

Destinations

How your clients can skip the rebound chaos with South America

Got clients keen to travel but hoping to avoid inflated prices and hoards of European Summer revellers? We’ve got the answer for you.

Share

CommentComments

Destinations

Events

Top 12 unmissable events for Italian summer trips

Summer in Italy means sunshine, gelato, promenading after dinner, Aperols overlooking the ocean, hiking, cycling…and a jam-packed events calendar.

Share

CommentComments

Aviation

Airport queues return in anticipation of the school holidays

If you were looking for a good chance to relisten to Led Zeppelin’s entire discography but can’t find the time, we recommend booking a flight to literally anywhere from Sydney or Melbourne airport this month.

Share

CommentComments

Destinations

Queensland government mulls tourism tax

In response to this, the NSW government will be introducing an ice-cream tax, which has infuriated primary school kids across the state.

Share

CommentComments