A holiday agency specialising in villa holidays in Portugal is set to be liquated, leaving holidaymakers to cancel their trips.
Suffolk-based Independent Villas Ltd, which represents 33 villa owners in the Algarve, has cancelled 60 bookings.
Accountancy firm Larking Gowen were appointed as administrators and found the company experienced “cash flow difficulties as a result of difficult trading conditions and increased competition.”
A statement from the administrators said: “All holidays booked through Independent Villas have been cancelled and all people with bookings are in the process of being notified.
“Larking Gowen had attempted to come to agreement with the owners of the villas in order for the holidays to proceed, however an agreement could not be reached leaving the company with no alternative than to enter liquidation.”
Andrew Kelsall, business recovery director at Larking Gowen, said: “Customers who had paid for their accommodation by credit card are advised to claim against their card issuer.
“However, anyone who had paid, whether a deposit or in full, by cheque or in cash, would become a creditor of the company.”
A meeting of creditors to place the company into creditors’ voluntary liquidation has been called for 2 July 2013.
Independent Villas was established in 1995 and became a limited company in 2009. It employs two directors and one part-time member of staff.