The millions of pounds owed by Shearings, National Holidays and Wallace Arnold

August 12, 2023 Charly Retail

A report has revealed the debts left by a travel giant that went into administration in May.
About 2,500 jobs were lost and 64,000 bookings cancelled with the collapse into administration of Specialist Leisure Group in May.
The hotel and travel company included well-known Wigan-based coach holiday brands Shearings, National Holidays and Wallace Arnold.
Last week Business Live reported that Shearings Hotels – which owned or operated more than 40 hotels – had left debts of more than £200m.

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Now administrator EY has published its report on the wider group. This has shown the huge figures owed to unsecured creditors.
These included:
Shearings Group: £116m
Shearings Holidays Ltd: £86m
Shearings Ltd: £56m
National Holidays Tours Ltd: £119m
National Holidays Ltd: £21m
Wallace Arnold Travel: £13m
UK Breakaways Ltd: £6m
Estimated debts to unsecured creditors totalled £417m.
The Shearings brand and website have now been sold to Leger Holidays and is operating again as a new venture.
Other assets to be sold are two principal coach interchanges in Normanton, near Wakefield, and Stretton. near Warrington.