A USIT farewell
A major student travel company has ceased trading, but hundreds of young people already abroad will be able to carry on with their trips.
People travelling with Usit Campus company, which was badly affected by the events of September 11, have been covered by Usit's £1.3 million bond.
This will mean that those on holiday will be able to fly home as planned, the Civil Aviation Authority says.
Customers who have booked scheduled flights without accommodation with the company, which also traded as Edinburgh Travel Centre, will be able to travel as planned.
Those whose trips include accommodation may have to pay again for accommodation, but will be able to claim a refund from the CAA.
Other non-flight packages and services sold by Usit are protected by insurance.
Usit, which was the second-largest player in the student travel market in Britain, has now gone into administrative receivership. It had an annual turnover of about £80 million and had about 360 employees.
The company had been making trading losses for about two years.
Vivian Bairstow, of Begbies Traynor, a leading independent corporate and insolvency firm, has been appointed administrative receiver: "There is a good business here capable of revival," he said.
7th Feb 2002