Travel firms going bust due to 'DIY holidays'
Almost double the number of holiday companies and tour operators have closed down in the last year compared with the previous year, and the number of closures has risen by 45 per cent.
As many as 77 travel agencies and tour operators went insolvent in the 12 months to March 2014 compared with 53 in the preceding 12 months, and 39 in 2011/12. Source PA
Accountancy firm Wilkins Kennedy LLP, which conducted the research, said that the high street travel industry has been damaged by the growth of "DIY" holidays.
Anthony Cork, a partner at Wilkins Kennedy, added: "Travel agents on the high street were once the first and only port of call for booking holidays, but the tide has turned and we are now seeing online
booking services and price comparison sites taking over."
He went on: "Technology has helped. Superfast broadband makes the process of cutting out the middleman easier by going direct to hotel websites to shave off another hundred pounds. The need to consult with a travel agent is rapidly disappearing. "
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