August 2, 2019 / 11:17 AM / 21 days ago

Malvern appoints KPMG as administrator for Super Break, LateRooms

Aug 2 (Reuters) - Malvern Group, the owner of Super Break, LateRooms and Malvern Travel Technology Ltd, has appointed KPMG as joint administrator for the businesses as the travel companies came under significant cash flow pressure, the audit firm said on Friday.

The auditor’s appointment followed the default on debt repayments by one of the group’s principal shareholders, KPMG said.

The Manchester-based companies, which had 253 employees in Manchester and New York, ceased operations on Thursday. (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber)

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