European tour operator FTI Touristik has filed for insolvency at a court in Munich, Germany.
The company, one of the largest tour operators in Europe, said the
FTI Touristik brand is directly affected but that insolvency filings
will follow for other group companies.
Windrose Finest Travel will continue operations.
The news comes weeks after FTI announced a €125 million investment from an investor consortium led by Certares.
At the time, Karl Markgraf, CEO of the FTI Group, said, “We are
delighted to announce our partnership with the Certares-led Consortium.
Certares is a leading investor in the global travel and tourism sector,”
said Markgraf.
“With support from Certares and its extensive experience in the
sector and capital provided by the Consortium, FTI is uniquely
positioned for future growth and profitability, which benefits all the
stakeholders, including our customers, commercial partners and
employees.”
A statement on the insolvency said, “After a lengthy and complex
investor process, the entry of a consortium of investors was announced
in April 2024. Since then, however, booking figures have fallen well
short of expectations despite the positive news. In addition, numerous
suppliers have insisted on advance payment. As a result, there was an
increased need for liquidity, which could no longer be bridged until the
closing of the investor process. The filing for insolvency has
therefore become necessary for legal reasons.”
The company has set up a support website for travellers,
and any trips from 4 June are likely to no longer be possible. Services
booked with the travel provider FTI Touristik are affected. This
includes the FTI brands in Germany, Austria and the Netherlands, the
5vorFlug brand in Germany, BigXtra and the car hire brands DriveFTI and
Cars and Campers.
A insolvency administrator has not yet been appointed.
Source: PhocusWire