Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Germany's FTI Group files for insolvency as bookings slump
(Sharecast News) - Europe's third-largest tour operator FTI Group said it had filed for insolvency in the Munich regional court today, as it suffered from falling bookings.
Initially, only the tour operator brand FTI Touristik is directly affected, the company said in a statement. However, it added that corresponding applications will also be filed for other group companies. Windrose Finest Travel GmbH with the luxury brand Windrose will continue to operate.
"We are currently working hard to ensure that trips that have already started can be completed as planned. Trips that have not yet begun will probably no longer be possible or only partially possible from Tuesday, 4 June 2024," FTI said.
In addition to bookings that had fallen "well short of expectations" FTI said multiple suppliers insisted on advance payments, placing a strain on liquidity which it could bridge while it looked for a fresh cash injection from a consortium of investors. The news boosted shares in German rival Tui, which were up 6% in Frankfurt.
US investor Certares in April announced that it would buy the company - which was now labouring under a €1bn debt pile - and provide an extra €125m in fresh capital, although there, this idea had reportedly been shelved.
FTI employs 11,000 people worldwide and offers tours to more than 40 destinations around the world, including through its 10,000 partner agencies in Germany.
Reporting by Frank Prenesti for Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.