Tour Operator Cox and Kings bankrupt?
Cox & Kings is the world’s most experienced travel company – and most likely it’s bankrupt. According to their website they deliver premium, private and custom journeys and small group tours to hundreds of the world’s most fascinating destinations. The website states: “Our luxury vacations are planned by in-house experts, with the insider expertise to deliver a trip that fits your travel style. Choose your experience; from exotic places, romantic getaways, cultural wonders, or intimate wildlife encounters.”
Cox & Kings is one of the longest established travel companies. Headquartered in India and the UK, the holiday and education travel group have subsidiaries in the United States, Canada, the United Kingdom, Netherlands, the United Arab Emirates, Japan, Singapore, Australia, and New Zealand.
A tour operator established in 1758, Cox and Kings is headquartered in Mumbai, India with offices in Delhi, Chennai, Bengaluru, Kolkata, Ahmedabad, Kochi, Hyderabad, Pune, Goa, Nagpur, and Jaipur.
Cox & Kings, The Americas has suspended operations and is un able to pay its suppliers for trips that have already been booked, according to a confidential email obtained by Travel Weekly. Cox and Kings had borrowed money from several banks to keep the company from sinking. The firm claimed that it had Rs 700 crore with it, yet borrowed money from the banks.
Azamara Cruises has filed a lawsuit against Cox & Kings, The Americas, alleging the tour operator took money from its guests for land tours but failed to pay the local providers.
This comes after Thomas Cook went under in the U.K. Cox and Kings had borrowed money from several banks to keep the company from sinking.
According to the reports, a series of acquisitions had left the company vulnerable. Recently, the cash-strapped Cox and Kings had sold its corporate travel business to on-Demand software and E-commerce services Ebix inc’s Indian subsidiary, EbixCash.
The company had closed its Australia and New Zealand operations in September and was also struggling to book new clients in India. Many of the employees have also complained that their salaries were due from past few.