30th November 2011
The refinancing saw the banks including Royal Bank of Scotland advance a new £200m revolving credit facility, replacing a £100m emergency loan, but at the price of 4.9pc of the company's equity.
Having secured financing, the firm that decided to advertise the fact as this report from Travel Weekly shows.
In the open letter to customers and potential customers, chief executive Sam Weihagen assured customers about the group's future, saying: "I'm so pleased to let you know our banking discussions have been successful and I want to show our appreciation for the incredible encouragement and support we have received."
Accompanying the reassurance, is an offer of £170 off a range of holidays coinciding with 170 coinciding the age of what is arguably the world's oldest travel agent, though the offer only applies to more expensive holidays.