Rising costs are putting pressure on the industry
People have had their holiday plans scrapped
Holidaymakers have been left with cancelled bookings and ruined plans as four travel companies have collapsed in the first few months of 2026. There are fears more holidays could be ruined this year as prices soar, businesses feel the pressure and jet fuel supplies dwindle in the face of the war in Iran.
In January, Regen Central Ltd went into liquidation and cancelled all holidays without issuing refunds. Then on January 23, coach operator Gold Crest Holidays announced it would cease trading, shutting with immediate effect. All trips and packages were axed. The family-run West Yorkshire firm, which had been operating for 30 years, cited rising costs, reports The Mirror.
A Gold Crest spokesman said: “After more than 30 years of creating unforgettable holidays, we are deeply saddened to announce that Gold Crest Holidays has ceased trading with immediate effect and has taken steps to enter voluntary liquidation. This difficult decision follows the severe impact of the COVID-19 pandemic, strategic changes in key partner arrangements that adversely affected our business, and a challenging trading environment with significantly rising costs.
“We are immensely grateful to our loyal customers, travel agents, suppliers, and dedicated staff for your support over the years. We are truly sorry we can no longer continue. All future departures are cancelled. The ABTA bond provides protection. ABTA will handle refunds and assistance. Contact ABTA at: Phone: 0203 758 8730.”
The company entered voluntary liquidation in March, according to documents lodged with Companies House.
Asiara UK, formerly known as Haivenu Tours, stopped trading on January 21. It had been established in 2022 and offered holiday packages to destinations including China, Thailand and India. The company was subsequently dissolved via voluntary strike-off on January 23.
Simply Florida, headquartered in Glasgow, was a travel agency that arranged trips to Disneyland Paris, DisneyWorld Florida, Universal Studios, New York, Niagara Falls and Toronto, as well as cruises. The firm officially ceased trading on January 20.
Travellers with holidays already booked would have had their trips cancelled, but as the company was ATOL protected, they should have been entitled to full refunds.
What happens when a travel company collapses?
If You Are Currently Abroad
If the company collapses while you’re on holiday, don’t panic. You won’t be kicked out of your hotel or left at the airport indefinitely. ATOL protection means that if your flight was part of a package, the Civil Aviation Authority (CAA) will step in.
They typically arrange for you to finish your holiday and provide a flight home at no extra cost. If you are on a land- or sea-based holiday (like a coach tour or cruise), ABTA ensures you can complete your trip or provides transport back to the UK.
If You Haven’t Travelled Yet
The priority shifts to getting your money back. Most bookings are protected by one of three “safety nets”: ATOL for flight-based package holidays; ABTA for rail, cruise, or coach-based packages and Section 75 for bookings over £100 made via Credit Card.