CVI Group snaps up Cruise & Maritime Voyages assets

CVI Group snaps up Cruise & Maritime Voyages assets

The assets of Cruise & Maritime Voyages have been sold following the collapse of the company earlier this year.

Sister companies South Quay Travel & Leisure, Independent Coach Travel and Viceroy also closed in June, along with international sales offices in Australia, France, the United States and TransOcean Kreuzfahrten in Germany.

Investors CVI Group have purchased elements of the company, including customer databases, websites and intellectual property, according to administrators Duff & Phelps.

Paul Williams, joint administrator with Duff & Phelps, stated: “We have worked hard since being appointed to secure a sale of the business and assets of the Companies. 

“Regrettably, given the devastating impact of the global pandemic on the entire travel industry, with a focus on the leisure cruise sector, this has not been possible in this instance.

“However, I strongly believe that this asset sale not only represents the best value for the companies’ creditors that was achievable in challenging market conditions, but also provides an opportunity for CVI, through its owner Christian Verhounig, to continue to pursue funding opportunities to potentially relaunch Cruise & Maritime Voyages’ unique cruise operations to its dedicated customers at some point in the future.”

The cancellation of previous advanced customer bookings remains unaffected by the sale. 

Christian Verhounig, the owner of CVI, stated: “The global pandemic had a devastating impact on Cruise & Maritime Voyages’ once flourishing, expanding and profitable business.

“Having developed a much-loved brand over the past decade and hugely popular value-based niche no-fly cruise product, we have been simply overwhelmed by the outpouring of support and pleased to re-launch the business.”

He added: “This endorsement across the industry and customer base alike has been a rich source of encouragement and together with my previous management team, we are working hard to plug the huge market gap vacated by Cruise & Maritime Voyages’ untimely insolvency.”

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