Concerns for FTI | Warning from travel agencies | Concerns for Greek Tourism


-The Federal Association of German Travel Agencies (Bundesverband eV VUSR) is sounding the alarm on the viability of the German tour operator FTI, raising issues of transparency and credibility. It is noted that in recent months there has been concern in the Greek tourist circuit and especially in hotels, as there were outstanding debts from the previous season. However, in recent months, significant amounts have been repaid, and money from early bookings for 2024 has been given, but there is still concern…

In a statement, it points out that the new rumours about the search for a new investor and the publication of the travel agency’s balance sheet for the financial year 2021/2022, raises the issue of credibility for travel agencies and their customers, especially in the current booking period.

The association’s president, Marija Linnhoff, believes that in FTI’s recently published financial statements for 2022, the auditor outlines that “…the company’s continuation – despite the aforementioned fundamental risks – is expected to be secured, but there is a credibility issue especially in the booking phase for Summer 2024 and FTI needs to respond quickly in its own interest.”

Association head Marija Linnhoff sees a number of questions in the balance sheet: “In the interest of the industry and travellers, FTI needs to provide clarity, especially on the actual developments in bookings this year, as these are vital to its future sustainability. According to the 2022 financial statements, FTI is heavily burdened. It is important for travel agents and customers, especially before the important sales season, to know whether FTI is a well-funded and therefore reliable partner and whether its revenue and debt position can deliver expected bookings.”

There have been repeated rumors in the past of imminent investor entry and the Association has recently received individual reports of unpaid hotel bills in target areas that are supposed to be settled soon with or through a new investor.

In her statements on the Association’s official website Ms Linnhoff concludes: “There is much talk about the FTI situation. We therefore need clarity from the company so that we do not ‘burden’ the upward trend in the industry with uncertainty among travel agents and travellers.”

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