p4 news mar20 18/3/09 21:56 Page 4
news
20.03.2009
Tony Freudmann
Unpackaged left
Abta last week
defends Steven
UNPACKAGED Holidays resigned its membership
of Abta last week, days before it was due to
appear at an appeal hearing having been fined
Chris Gray and Lee Hayhurst.
Prospects, his plc which has lost its £500,000 £2,000 for non-payment of debts.
THE BROTHER of Abta director Steven Freud- stake in Unpackaged, was set up. Tony Freud- The firm was fined in December but appealed
mann has come to his defence after a company mann added it had been discovered only when and was due at a hearing of the association’s
he was a director of until a month ago failed. the process to set up the pre-pack was started. code of conduct committee on Thursday this week.
One of the creditors of Unpackaged Holidays “I’m sad that this has become personalised However, it has emerged Unpackaged resigned
has threatened to demand Steven resigns his against Steven because it’s more about a from Abta last week.
position at Abta if he is not reimbursed. business failure than anything else,” Tony said. Steven Freudmann, although chairman of
Unpackaged, which traded “Steven’s sole contribu- Abta’s Code of Conduct committee, would have
as Seligo, went into admin- tion was to see there was played no role in the hearing, an Abta spokes-
istration on Tuesday leaving no consumer detriment and woman confirmed.
up to 100 unsecured credi- the interests of the staff Tony Freudmann, Unpackaged director, said:
tors, including hoteliers were protected. “Once the appointment of the administrators
and ground-handlers, out of “As a member of the code was on the cards we took the view that, to spare
pocket. of conduct committee his Abta’s embarrassment, we would resign.”
That firm’s assets were biggest concern was that He added Unpackaged was not a bonded
bought by another of Tony people would be stranded member of Abta.
Freudmann’s companies, abroad and the industry’s An Abta spokeswoman refused to comment on
The Travel Club, in a contro- reputation harmed.” Steven Freudmann’s position beyond saying it
versial type of deal known as a “pre-pack”. However, Paul Evans chief executive of would be up to the board to decide if the circum-
Accommodation-only supplier Resorthoppa, Lowcostbeds.com, owner of Resorthoppa, said stances surrounding Unpackaged’s collapse had
which is owed money by Unpackaged, said many suppliers were “appalled”. He added: “Un- affected his role.
Steven Freudmann’s ties to the parties involved less there is proper settlements of outstanding
undermined his position at Abta. He also chairs debts I will make a formal complaint and call for
the association’s code of conduct committee. him [Steven Freudmann] to resign from Abta.”
WHAT ARE PRE-PACKS?
But Tony Freudmann (pictured) said his Evans said Resorthoppa was owed £25,000 in Pre-pack administration is relatively new in
brother had done nothing wrong and had been past bookings and £75,000 in forward bookings. the UK, having been available to insolvency
insistent that whatever happened, customers’ The Travel Club has agreed to honour all practitioners only since 2004.
money had to be secured and jobs saved. Unpackaged’s forward bookings. A pre-pack involves an agreement to sell a
He said Steven’s directorship of Unpackaged Steven Freudmann said that, as a director of a failing company’s assets prior to it going out
was an oversight dating back to before Alpha plc, it was inappropriate for him to comment. of business, allowing the viable parts of that
company to reform immediately after the
appointment of administrators or receivers.
Linked in: Alpha, Unpackaged, Seligo and the Freudmanns The practice has been criticised because in
some cases it has been seen as a way of firms
■ Steven Freudmann is a director of Alpha ■ Tony Freudmann is also a director of Unpack- leaving their creditors with nothing but
Prospects, a plc listed on the junior Plus aged’s parent company, UHN Ltd, of which allowing them to start up again debt-free.
stock market and set up in 2008 to invest in Alpha Prospects has an option to acquire. However, pre-packs are regarded as a way of
travel companies. ■ Tony Freudmann is also a director of Seligo preserving jobs and businesses, saving them
■ His brother Tony Freudmann was a director Holidays Ltd, which was set up in February from full administration.
of Unpackaged Holidays Ltd of which Seligo and could now become the trade arm of Strict rules govern how a firm preparing for
was a trading name. The Travel Club. a pre-pack can operate. While existing directors
■ Tony Freudmann is also a director of The ■ Alpha Prospects also has an option to can bid for the company, they have no right to
Travel Club, the company which bought the acquire Alpha Consolidations Ltd, which know who else has made a bid or for how much.
assets of Unpackaged Holidays. owns The Travel Club Ltd.
04 20.03.2009
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