A UK holiday company has plunged into liquidation amid debts of almost £1 million, leaving all trips cancelled. Gold Crest Holidays, a family-owned coach tour operator based in Ilkley, West Yorkshire, began operations in 1988. The company specialised in coach packages to destinations including Disneyland Paris, European city breaks, and UK sporting events.

On March 19, Christ Parkman of specialist business firm Purnells was appointed as the liquidator for Gold Crest Holidays. The firm has around £156,000 worth of assets that could be distributed to creditors, according to a statement of affairs submitted to Companies House.

However, there is still a shortfall as it's not enough money to cover the estimated deficiency of £452,000, the statement shows.

Gold Crest Holidays has 63 creditors who are owed £927,000 in total, though this is an estimation and the exact figure might be different.

Some of the creditors include Barclays Security Trustee Limited, which is owed £309,000, Barclays Bank Plc, which is owed £98,000, and Barclaycard, which is owed £33,000.

ABTA, the leading association of travel agents and tour operators, is also owed around £107,000.

On top of its debts to the creditors, Gold Crest Holidays also owes 10 employees almost £10,000 in preferential claims.

The company went into voluntary liquidation and ceased trading on January 23 due to impacts from the pandemic and "significantly rising costs".

It said in a statement: "This difficult decision follows the severe impact of the COVID-19 pandemic, strategic changes in key partner arrangements that adversely affected our business, and a challenging trading environment with significantly rising costs.

"We are immensely grateful to our loyal customers, travel agents, suppliers, and dedicated staff for your support over the years. We are truly sorry we can no longer continue.

"We apologise for any disappointment or inconvenience caused. ABTA will provide clear support to affected customers."