German tour operator Troll Tours, a specialist in Northern European destinations and long-time Thomas Cook partner, has declared insolvency due to heavy losses with Iceland bookings.
The small company, based in central Germany, filed for insolvency on October 2, impacting 17 jobs. The Arnsberg administrative court appointed lawyer Axel Kampmann as the interim insolvency administrator.
Troll Tours is now reviewing whether it can fulfil existing bookings and is not taking any new bookings. Package holidaymakers are covered by the company’s insolvency insurance with the Zurich insurance group, while other customers will have to apply to the insolvency administrator for payment of their debts.
Explaining the reasons for the insolvency, Troll Tours said it had suffered ‘substantial losses’ during the last two years with bookings for Iceland. In addition, it had to bear the financial costs of charter flights in 2017 which were cancelled at short notice and had to be replaced by alternative transportation.
Founded in 1989, Troll Tours specialised in holidays to Norway, Sweden, Finland, Iceland and Greenland, as well as England, Scotland and Ireland. Apart from flight-based package holidays, the tour operator also offered self-drive trips, coach tours, city trip, car rental and cruises.
Troll Tours also cooperated for many years with Thomas Cook, offering its products through the latter’s sales channels and enabling Cook to offer an additional niche product.
In response to the insolvency, a Thomas Cook Germany spokeswoman said: “The insolvency of Troll Tours does not have any impact on Thomas Cook. At the same time, we regret the difficult situation of our long-term cooperation partner.
“As a tour operator with a focus on holidays in sun & beach destinations, we were able to offer additional holidays that are not included in the Thomas Cook portfolio through the sales cooperation via travel agencies.”