Cruise ship firm CMV plunges into administration after coronavirus crisis
UK firm Cruise and Maritime Voyages has been placed into administration after a period of crisis caused by the coronavirus.
The company - which reportedly employs about 4,000 people - was said to be in last-minute rescue financing talks last week.
But this evening administrators Duff & Phelps announced the Essex-based cruise line CMV had "ceased trading with immediate effect".
This includes its sales offices in Australia, France, Germany and the US.
All future bookings have been cancelled.
BOOKINGS CANCELLED
They said the action was "likely to result in the redundancy of the UK employees and an uncertain future for those employees in the wider group."
Paul Williams, joint administrator, Duff & Phelps, stated: "The travel, tourism and wider hospitality industry has been engulfed with a devastating and unprecedented global pandemic of seismic proportions impacting very hard on CMV's once thriving cruise business compounded by last week's Foreign and Commonwealth Office (FCO) advisory against cruise travel.
"Unfortunately, despite the collective very best efforts and being very close to securing the long-term finance needed, CMV was unable to conclude the funding within the timescales required which has led to the administration of the business."
CMV had been forced to suspend all its sailings from March 13 till August 25, resulting in the cancellation of 50,000 holidays which had to be refunded.
The company's website this evening listed information for customers who had booked cruise packages which it said were protected by ABTA.
In a statement, CMV chief executive Christian Verhounig, apologised to "loyal and hardworking" staff and travel trade partners, thanking them for their support.
He said: "The directors have all worked tirelessly with CMV's financial advisors, investment bankers, lawyers, and numerous private equity and hedge fund investors to try and secure the funding required to enable CMV to weather the storm.
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“Only last year CMV was celebrating a record trading year and our first decade in cruising but the CMV journey has tragically been cut short by this unprecedented global pandemic.
“We are truly sorry to our loyal and hard-working shoreside staff and seafarers, travel trade partners and suppliers who have all patiently stood by us and to our valued passengers for the disappointment and further disruption to their cruising holiday plans.
“On behalf of the CMV family, directors and shareholders, I would like to thank everyone for their great support and sincerely apologise for these circumstances which are directly related to Covid-19 and beyond our control.”
