UK travel firm Jetline Holidays loses Atol status leaving thousands of holidaymakers in limbo
Thousands of holidaymakers have been left in limbo after holiday operator Jetline Travel ceased trading as an Atol holder, the UK Civil Aviation Authority (CAA) confirmed.
The London-based company, which is also the parent of Jetline Cruise, was established in 2000.
It also traded under the names Bargain Late Holidays, Best Priced Holidays, Cruise & More, Elegant Getaways, Jetline Cruise, Our Best Holidays and Save on Sun.
Nearly 5,000 customers are believed to be impacted, with the majority being cruise holidays.
Affected holidays include cruises with Princess, Cunard and Holland America, most of which have been cancelled due to a 'breach of contract' with Jetline.
All bookings with P&O Cruises have been transferred to them as direct bookings.
In a statement on their website, the CAA said: 'If you are currently overseas and you hold a scheduled flight e-ticket, the flight remains valid for the return journey.
'The CAA is speaking to the service providers for the other elements of your trip to ensure these continue as planned.'
While the Jetline Holidays and Jetline Cruises websites are still online today (Friday), they are barely operational, while the 'about us' and 'contact us' sections return error messages.
Calls to the business ring out and comments have been turned off on their Facebook page.
Jetline's company status on Companies House is active at time of press and insolvency practitioners have not listed the company with the London Gazette.
The CAA said: 'Jetline Travel Ltd Atol 6153 has ceased trading as an Atol holder on 6th March 2025.
'Bookings sold as accommodation only, Non-flight Packages & Cruise Only Bookings which do not include a flight element are not protected by the Atol scheme.
'We understand that Jetline Travel Ltd acted as agents for other Atol holders, these bookings are not protected under the Atol of Jetline Travel Ltd. Check your Atol Certificate under the 'Who is protecting your trip?' section, this will show who the responsible Atol holder is. If the protector of your trip is still trading, you should contact that Atol holder for further assistance.'
According to its most recent set of accounts, the company had a turnover of £28 million in 2023.
A spokesperson for The Advantage Travel Partnership, a travel business network representing Jetline, told The Independent: 'We are greatly saddened that Jetline Travel has ceased trading.
'They have been a highly valued member of the Partnership since 2015, and our thoughts are with their customers and staff who have been impacted.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
39 minutes ago
- Reuters
Breakingviews - Donald Trump's US chip revival is half-assembled
LONDON, June 17 (Reuters Breakingviews) - Donald Trump is hoping to secure American dominance in semiconductors over China. The president wants to bring production of chips back to the U.S., while courting allies. But success will take years and much more capital, while looming tariffs and unclear export rules add cost and confusion. When it comes to stimulating a key industry, the U.S. strategy is falling short. For an example of how to approach state-backed industrial planning, look to China. The People's Republic has already become a powerhouse in making solar panels and batteries for electric vehicles. A decade ago, President Xi Jinping launched his 'Made in China 2025' plan with the intention of reducing the country's reliance on foreign semiconductors from 85% to around 30%. The urgency was clear: chips had overtaken oil as China's largest import. Nearly a decade later, China has not met its goal, but local capacity is ramping up. Of the 51 wafer fabrication plants currently under construction worldwide, 23 are in China, according to an industry expert. It's a direct result of government funding: state-led investment in chips has probably exceeded $150 billion since 2014, according to, opens new tab the Economist Intelligence Unit. Little wonder that the U.S. is worrying about its dominance of advanced chips and artificial intelligence. While Huawei CEO Ren Zhengfei says, opens new tab the Chinese tech giant's chips are still one generation behind U.S. rivals, Nvidia (NVDA.O), opens new tab CEO Jensen Huang has said Huawei's latest processors are approaching parity with the $3.5 trillion company's cutting-edge H200 graphics processors. These are central to training advanced AI models. Chinese players like DeepSeek are also showing signs of catching up. For the Trump administration, maintaining the U.S. lead starts with safeguarding demand for American products. That means ensuring key international customers in Europe and the Middle East don't drift toward Chinese suppliers. It's one reason Trump scrapped his predecessor Joe Biden's 'diffusion rule', which set country-specific quotas for advanced chips. The rule risked restricting previously friendly nations' access to semiconductors, pushing them into Huawei's arms. On the supply side, Trump wants to bring manufacturing back onshore. As most advanced chips are still made in Taiwan, any diversification of supply chains makes sense. The $52.7 billion Biden-era CHIPS and Science Act -- which includes, opens new tab $39 billion in subsidies for domestic chip manufacturing -- is a start, but progress is slow. The bill only releases funds as projects meet staged milestones. Trump has criticised the act, while also using it to force private companies to crank up investment stateside. Taiwanese giant TSMC ( opens new tab, for instance, committed to spending over $100 billion in the U.S. as it finalised state funding of $6.6 billion. GlobalFoundries (GFS.O), opens new tab this month pledged, opens new tab $16 billion alongside a $1.5 billion subsidy. Tariffs are another of Trump's favoured tools. He has asked the Commerce Department to investigate chip supply chains under Section 232, citing national security. But applying levies to semiconductors is fraught. For a start, the U.S. imports relatively few chips, but lots of products which contain them. Semiconductors worth less than $40 billion arrived in the country in 2024, while the U.S. imported electronic goods worth $486 billion, according to the International Trade Centre. Trying to impose tariffs on components inside devices like laptops and iPhones would be tricky. There's no easy way to tell where the chip was made once it's been packaged. Even if the Trump administration can successfully tilt the playing field towards domestic manufacturing, however, resilience still comes at a price. Proposed subsidies would make the cost of building semiconductor fabrication plants in the United States as competitive as in Asia, according to an industry analyst. But running those plants in a high-wage economy is another challenge: McKinsey & Company estimates operating costs are 35% higher in the U.S. than in Taiwan. Buyers of U.S.-made chips for cars or medical machines would have to absorb that premium or pass it on to customers. It also implies that semiconductor firms will need ongoing support in the form of tax breaks or operational subsidies as they shift supply chains. However, Trump has made hostile noises about the costs of the CHIPS Act. One key incentive, a 25% investment tax credit for every dollar chipmakers spend on capital expenditures, is set to expire unless renewed. Commerce Secretary Howard Lutnick has hinted at possibly withholding further subsidies unless paired with broader tax legislation. The administration's stance on immigration, especially from China, is another impediment. Nvidia's Huang reckons around half of global AI researchers are Chinese. Meanwhile, nearly a third of chip companies' design engineers are in mainland China – the same proportion as in the United States, according to BCG data. The administration's policy on export controls also remains in flux. Though it has rolled back the 'diffusion rule', nothing has replaced it. Crafting bespoke export agreements with every partner like the United Arab Emirates will be time-consuming. Other potential measures, such as banning shipments of chip-making equipment made by the likes of ASML ( opens new tab to China, would require cooperation from key allies in Japan and the Netherlands. It would also require U.S. equipment makers like $114 billion Lam Research (LRCX.O), opens new tab to sacrifice revenue which could be as much as 30% of the total top line. Trump's chaotic and go-it-alone instincts on tariffs risk undermining the partnerships he will need to isolate China. China's chip campaign still falls short in several areas, including scale and efficiency. But Beijing's strategic clarity, persistence, and willingness to absorb long-term costs signal its serious intent. By contrast, Trump's U.S. chip revival is at best half-assembled. Follow Karen Kwok on LinkedIn, opens new tab and X, opens new tab.
Reuters
an hour ago
- Reuters
Central banks favour gold over dollar for reserves, WGC survey
LONDON, June 17 (Reuters) - Central banks around the world expect their gold holdings as a proportion of their reserves to increase over the next five years while expecting their dollar reserves to be lower, a survey by the World Gold Council (WGC) showed. Gold demand from central banks has risen significantly over the past three years despite its price rally to consecutive records. It hit an all-time high of $3,500.05 an ounce in April, up 95% since February 2022 when Russia invaded Ukraine. Seventy three central banks responded to WGC's survey, carried out between February 25 and May 20, and 76% of these expect their gold holdings to be higher in five years compared with 69% last year. Nearly three-quarters of respondents expected central banks' dollar-denominated reserves to be lower in five years compared with 62% last year. "Gold's performance during times of crisis, portfolio diversification and inflation hedging are some key themes driving plans to accumulate more gold over the coming year," WGC said in a release. Central banks have accumulated more than 1,000 metric tons of gold in each of the last three years, WGC said, adding that this represented a significant rise from the 400-500 ton average in the preceding decade. "This marked acceleration in the pace of accumulation has occurred against a backdrop of geopolitical and economic uncertainty," WGC said. A record 95% of respondents think central bank gold reserves will increase over the next 12 months, up from 81% last year, according to WGC's survey, which also showed the Bank of England remains the most popular location for their gold reserves. Potential trade conflicts and tariffs were cited by 59% of central banks in the survey as relevant to the management of their reserves, the survey showed "A larger percentage of these came from emerging markets and developing economies - 69% - than advanced economy respondents - 40%", the council said.
Telegraph
an hour ago
- Telegraph
If Daniel Levy sells Tottenham, this is what they would be worth
Tottenham Hotspur have just qualified for the Champions League. They have just appointed a new manager in Thomas Frank and they have a new chief executive. But the most significant change this summer could yet be to come. A new ownership group could take over Tottenham and speculation is mounting that Daniel Levy is open to selling the club. Should Levy sell, he will bring a remarkable 24-year period to an end. Under Levy's ownership, Tottenham have qualified for the Champions League seven times, including reaching the final in 2019, and finished in the top six of the Premier League in 13 of the last 16 seasons. While Spurs finished an abject 17th in their most recent Premier League campaign, the Europa League triumph ensured a return to the Champions League. Along the way, Spurs have consistently outperformed sides who spent far more. An analysis of Premier League spending from 2010-20, by Stefan Szymanski, the co-author of Soccernomics, showed that Tottenham paid £2.02 million per point earned in the Premier League. The next best-performing member of the so-called 'Big Six' was Arsenal, who spent £3.44 million per point – almost twice as much as their north-London rivals. Now, after years of playing the transfer market with aplomb, Levy faces an even more challenging question: how to put a price on his club? Location, location, location Those involved in evaluating teams speak of a 'capital premium'. For prospective investors, Tottenham's greatest asset is the club's location. London is uniquely appealing to potential owners, because of the ease of travelling to the capital and the city's wider attractions. For a billionaire who wants to entertain and negotiate business deals at their football club, London teams have the greatest cachet. No club exploit the geographical advantages that London provides as well as Spurs. Tottenham Hotspur Stadium opened in 2019. The original projected cost was £305 million; instead, the eventual costs were £1.2 billion. But while the costs soared, the ground is the realisation of Levy's vision of building a club who can exploit their geographical position. Most simply, Tottenham Hotspur Stadium is very big: the capacity of 62,850 is the third-largest in England, below only Wembley and Old Trafford. In 2023-24, the club earned a total of £105.8 million in match-day revenue, across all competitions – the third-most in the Premier League, below only Manchester United and Arsenal. Yet the stadium's biggest asset is that it is more than just a football ground. The ground's retractable pitch is ideally suited to hosting lucrative non-football events. The stadium has a licence to host up to 30 events outside football each year. For artists, the stadium is widely considered the second-most attractive in London, below only Wembley. Beyoncé is currently midway through a six-date tour at the venue. This year, Spurs are hosting 15 concerts, comfortably the most of any Premier League club. Arsenal, by comparison, are hosting just two; their stadium is also 13 years older than Tottenham's. The contrast illustrates why, although Arsenal have been far stronger on the pitch in recent years, industry insiders believe that the difference in the financial worth of the clubs is relatively small. As well as staging concerts, Tottenham's stadium was also designed with hosting other sports in mind. The ground has a guaranteed agreement to host a minimum of two NFL games a year until 2030. Should the NFL one day include a franchise based permanently in London, Tottenham Hotspur Stadium would be the prime candidate for a home ground. More than any other Premier League club, Tottenham have developed a multi-purpose stadium. The upshot is that the club do not need to play football at Tottenham Hotspur Stadium to make money, though they are opaque about how much they generate from non-football events. Such multi-purpose use is particularly desirable in the era of stringent Premier League profitability and sustainability rules. As Newcastle United have found, even billionaire owners are limited in what they can spend if their clubs do not generate enough revenue. Spurs' more lucrative operations outside the game allow the club to spend more than rivals who earn the same from football matters. Room to grow As PSR has become more onerous, the Premier League's broadcasting rights are stagnating. The new £6.7 billion contract, which runs from 2025-29, is less impressive than it sounds. Per season, the value is just four per cent more than from 2016-19 – a real-terms cut of around 30 per cent – even as the number of games broadcast has swelled to 267. 'We certainly have peaked as far as broadcasting rights are concerned,' says Kieran Maguire, the author of The Price of Football and a lecturer at the University of Liverpool. 'The battles that we used to see between BT Sport and Sky Sports which kept the rights going up no longer exist.' The growth of piracy, through means such as illegal Fire Sticks, has also undermined broadcasting rights. Overall, Premier League clubs generate around 60 per cent a year in broadcasting rights, Maguire calculates. But this figure is likely to decline in the coming years, leaving clubs more dependent on other sources of revenue. On one level, the change in the broadcasting market is bad for Tottenham: all Premier League clubs will suffer from the new landscape. But the shift is also good for Spurs' relative attractiveness compared to other clubs, with teams becoming more reliant on commercial and match-day revenue. 'Spurs are very well equipped to deal with PSR,' Maguire observes. The club consistently have among the lowest wage-to-revenue ratios in the league. Last year, Spurs' wage-to-revenue ratio was 42 per cent, the best in the Premier League; the overall average was 66 per cent. Tottenham had the fifth-largest revenue in the Premier League in 2023-24, £528 million. The easiest way for Spurs to maintain, or improve, this position is to generate further cash from their stadium. Especially with the allure of Champions League football, Nic Hamer from the consultancy Oakwell Sports Advisory believes that the club could generate approaching £25 million a year for a naming-rights deal. For a 15-year deal, that would equate to up to £375 million. With this source of revenue so far untapped, prospective buyers could potentially name the stadium after their own company or business, rendering Spurs particularly attractive. Tottenham already have a staple of strong commercial partners, including AIA and Nike. But 'there is still room for growth' commercially, Hamer says. Vinai Venkatesham, Spurs' new chief executive – who did the same job for Arsenal from 2020-24 – will now be charged with increasing the club's revenue further. One promising project is the 180-room hotel and apartments on the stadium campus, which should be completed by 2028. Debt of £900m and poor performances concern for would-be investors Two central factors undermine Tottenham's potential attractiveness to investors. The first is debt. Spurs have about £900 million of debt, which would come off the valuation of the club. Yet around 90 per cent of this debt is paid at a fixed interest rate of three per cent per year, according to Oakwell Sports Advisory. The bulk of the club's debt paid for the stadium, which is delivering the revenue growth envisaged. Debt levels ballooned during the pandemic, which disproportionately affected clubs that generate a greater share of revenue from match days: Spurs lost about £200 million in revenue from 2019-21. From registering a profit in five straight financial years until 2019, Tottenham recorded a loss of £330 million in the next five financial years. More than debt, a greater concern is dwindling performance. Last season's 17th-placed finish continued a trend of recent underwhelming Premier League campaigns. From finishing in the top four every year from 2015-19, Tottenham have only come in the top four once in the past six seasons. Indeed, the club have actually spent more than in previous years, but fared worse on the pitch, partly because of the loss of Harry Kane. But the squad have still adhered to the focus on developing young players: Lucas Bergvall and Archie Gray are two teenagers already thriving in the first team. Even underperformers will retain significant resell value. The biggest question of all is the Champions League. Even with England currently having five Champions League places each year, the competition to reach the tournament is brutal. Together with the old Big Six, Newcastle will also expect to make the Champions League each year. Aston Villa and Brighton and Hove Albion are among the other clubs who harbour realistic hopes of qualification, too. With the Champions League, Tottenham can expect to earn revenue in the region of £600 million next year. But investors will have to assess whether they can expect such returns every year. The club earned £528 million in 2023-24, when they did not feature in European football's elite competition. Any potential investors will also have to assess the terms of sale. Enic Group currently owns 86 per cent of Tottenham's shares. This is split between Levy and his family, who own 29.9 per cent, and the family trust of the British businessman Joe Lewis, who owns 70.1 per cent of Enic's share capital. An option to buy a majority stake is particularly attractive, as it would give investors more control over the future direction of the club. But whether Enic would be prepared to sanction a full sale, or only a share of its stake, is unclear. So, how much are Spurs worth? Football clubs are like fine art, says the sports economist Szymanski. That is, the value is not dictated purely by market forces, but also by ego and vanity. For a billionaire, a football club is an accessory, made even more desirable because elite clubs arerarely for sale. Still, industry insiders say that there is a general trend in the valuation of clubs. In general, a club's expected valuation is in the region of five to six times the annual revenue. Tottenham's annual revenue for 2025-26 has just received a hike, thanks to Champions League qualification. This means that the club should earn about £600 million next year, giving the club an enterprise value of £3 billion-£3.6 billion. The club's debt of £900 million must then be deducted from this figure, giving a total value of £2.1 billion-£2.7 billion. Within that range of £600 million, there are a series of questions. Tottenham's excellent credentials to thrive in the PSR era drive up the potential price. To put that figure in context, last year Sir Jim Ratcliffe bought a 27.7 per cent stake in Manchester United for £1.25 billion – giving the club an overall value of £4.5 billion. This suggests Tottenham now are worth around three-quarters as much as United. Chelsea, who were sold in 2022, attracted £2.5 billion. The comparatively low figure was partly due to the circumstances of Roman Abramovich's sale, following Russia's invasion of Ukraine. But it also reflected the age of Stamford Bridge, and how the ground is far less adept at generating revenue, from football and non-football activities alike, than Tottenham Hotspur Stadium. The upshot for Spurs is that £2.5 billion – separate to paying off the club's £900 million in debt – represents the minimum likely to be enough to secure control of the club. This would give Tottenham an implied value of £3.4 billion. Levy would surely be loath to accept any less.
