There are few instances in which the companies become so large and well-established, where it seems like nothing could ever go wrong. Unfortunately, due to the contribution of some factors, companies come to a point where filing bankruptcy is their best option.
While there are terrible lots of such instances, the recent one to reluctantly enter this miserable list is the Amsterdam-based online platform for travel booking, TravelBird. Having said that, the company has luck on its side, though.
A couple of weeks back, TravelBird, an online travel platform that offers competitively priced holiday deals has completely suspended its operation and declared financial insolvency. The company which has raised more than €20 million till date stated that it has to withdraw considering the firm failed to attract new financing to pay its suppliers in their official website.
“Due to seasonal fluctuations, there has been a backlog in payments to partners in recent months, and TravelBird has actively sought additional financing. Unfortunately, that did not succeed in time.”
Blessing in disguise?
In the recent development, British online travel group Secret Escapes has announced the acquisition of TravelBird including the intellectual property, the IT platform, the Travelbird brand, the logos, and the customer base. Nevertheless, the Secret Escapes and TravelBird had been in talks already about an acquisition deal, but the UK company dropped the idea just before insolvency.
Got it right!
One can easily guess the UK’s firm futuristic move here regarding the deal. In case if you didn’t get it, the Secret Escapes made an educated guess of what’s coming for the Dutch company. It’s common sense that the buyer gets a much better deal than what was discussed in October.
With that being said, the team of 300 staffs are now out of work, but talent hunting has already started in Amsterdam. According to reports, no more than 25 employees can participate in the restart. Furthermore, the Secret Escapes would possibly get Travelbird’s website up and running within the next few weeks.
Who are Secret Escapes?
For the uninitiated, the UK-based Secret Escapes is an exclusive members-only travel club offering discounted rates on luxury hand-picked hotels and holidays in the UK. Founded by Alex Saint, Andrew Bredon, Tom Valentine, and, Troy Collins, this London-based company has raised a total of $246.5M in funding over 8 rounds.
Official confirmation
In a way of confirming this news, TravelBird has published the following news on their official website:
We are pleased to confirm that as of today, TravelBird has become part of the Secret Escapes Group.
Secret Escapes Group is the world’s leading online travel deals company, offering inspiring travel experiences to over 62 million users worldwide, across its Secret Escapes, Travelist and Slevomat brands.
We expect to get the TravelBird website back up and running very soon, offering even more exciting travel ideas at incredible prices. Until then, please visit www.secretescapes.nl to see current deals.
Stay tuned to Silicon Canals for more updates in the tech startup world.
Did you know you can post your job for free on our job board? If you require extra promotion, reach out to [email protected] for a discounted offer.
