Coach Operator Bails Diamond Holidays
After falling into PricewaterhouseCoopers administration earlier this month, Diamond Holidays has been saved by a deal entered into by administrators with Pontypridd-based coach operator, Edwards Coaches.
Edwards Coaches initially expressed interest of buying the Swansea-based coach operator after PwC administrators had set out to seek buyers. January 7, Diamond Holidays went into administration blaming price increases of fuel and tough trading conditions that continue to hit the tourism and hospitality sector.
Insolvency of the coach operator has threatened Newington Hotel in York, which regularly accommodates two coaches from Diamond every week, to suffer a ‘five-figure loss’. The coach operator carries about 80,000 tourists annually around Europe.
The buy out also includes Brian Isaacs Ltd, which is part of Diamond Holidays, PwC administrators said.
Edwards Coaches would retain the original number of staff at the acquired coach operator’s headquarters in Swansea. Jason Edwards, the company’s director said the coach operator has a promising client base with the quality of its services. Edwards expected the customers of both firms to boost the business following the acquisition.
“Historically Diamond’s clients have taken Edwards tours and vice-versa,” he said.
Edwards Coaches said canceled holiday bookings with the coach operator would be honored, except possibly for the day trip bookings. PwC partner Rob Lewis said at the duration of the sale that customers will receive calls informing them of the status of their reimbursement.
PwC administrator Roger Hale confirmed the acquisition January 24, saying Edwards Coaches and Diamond Holidays will pursue communications in the next few days with customers who had their bookings canceled. PwC administrators were grateful for the cooperation showed by the customers of the failed coach operator when it was put for sale, Hale said.