Dream Holidays Folds Citing Fierce Competition

Travel operator Dream Holidays has ceased trading, citing “fierce competition” as the reason for its failure to capture sufficient market share.

The travel operator, established by Akis Kyprianou – formerly boss at Libra Holidays, released a statement reassuring its customers that their holidays are covered under their Atol licence. The CAA is working to repatriate 600 Dream Holidays customers who are overseas at present.

Mr Kyprianou said that the last month has been particularly tough for the company, facing adverse trading conditions and “fierce competition from well-established travel companies.”

He went on to explain other reasons for his company’s demise, saying that the fierce competition “made it impossible for us to compete and to continue trading without incurring further losses and liabilities, in what we believe to be an exceptionally weak market and an unsustainable business environment.”

Mr Kyprianou also apologised for the inconvenience caused to the company’s customers, staff, agents and associates: “I wish to express my sincere apologies for all the inconvenience this will cause to all the travelling public that have booked a holiday with us, to those holidaymakers who are currently in resort, as well as all our retail and overseas agents and hoteliers who have supported us over the last two years.

“Sincere apologies also go to all our devoted staff and business associates who have worked hard to establish the business over the last two seasons.”

The directors at the company have appointed Alexander Lawson Jacobs as liquidator. Dream Holidays, based in Barnet, was founded on April 1 2010, and specialised in holidays to Cyprus and Greece.