Last week All Leisure fell into insolvency, with administrators Grant Thornton blaming its collapse on its loss-making cruise operations, the rising cost of running tours, and terrorism and geopolitical tensions in key destinations such as Egypt, the Black Sea and eastern Mediterranean.
Allard is a secured creditor of All Leisure as he loaned it £4.4million in 2012, when he and a group of investors provided the firm with £5.8million of debt financing to acquire Page & Moy, the tour operator. According to its 2015 accounts, All Leisure still owed him £3.2million.
It paid £920,000 to Allard and six other All Leisure directors for the year to October 2015, athough the firm made a net profit of just £543,000, of which £343,000 was generated by a tax credit.
In November 2015, All Leisure sold its Hebridean Princess and related assets for £3million to Allard and a group of investors and leased it back from them. The luxury cruise liner was charted by the Queen for her 80th birthday in 2006.
Grant Thornton saved 200 jobs last week by selling All Leisure’s profitable Travelsphere and Just You tours businesses to Canadian operator G Adventures for an undisclosed sum.
Customers of Voyages of Discovery and Swan Hellenic packages, including flights, should contact the Civil Aviation Authority on 0808 164 8810. Those excluding flights should contact Abta on 020 3758 8742.