Lamport Bassitt Solicitors - Legal News - Mergers 'likely in travel sector'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Mergers 'likely in travel sector' It is likely that, as a result of the tough economic conditions, there will be further mergers in the travel sector, it has been claimed. Commenting on the issue, Chris Roe, sales and distribution director at Virgin Holidays, said the three big independent travel agent consortia are likely to become two in the near future, TTG live reports. This contraction in the market will be due to the failures of travel agents around the UK, he suggested. Making his remarks at the Global Travel Group conference, he said: "We are hearing from Abta that two or three agents a week are failing. We expect to see mergers." Recently, figures from the Office for National Statistics showed that mergers and acquisitions activity involving UK firms fell during the last quarter of 2009. It showed that expenditure on takeovers of UK firms by other companies based in the country fell from £1.9 billion in the previous three-month period to £1.3 billion between October and December. Related Articles: 27/8/2009 - Rogue property firms 'causing rise in debt recovery action' 28/8/2009 - Insider business fraud 'on the rise' 28/8/2009 - Turner backs tax on banks to curb bonuses 26/8/2009 - Spate of building society mergers 'likely' 1/10/2009 - Cost of banking reforms 'need to be established' More Corporate Law News