Harvey World Travel to stay

[Flashback]

Just received this from HWT

An Open Letter to our valued customers

Dear Harvey World Travel customers,

There has been much commentary in the media recently about the stability of the travel industry. I would like to take this opportunity to reassure you about Harvey World Travel.

At Harvey World Travel, it is “business as usual”, despite the considerable media interest generated by a single story devoid of facts and accuracy. Today’s media reports on our financial position are completely false, and have been strenuously rejected.

The item has understandably caused undue and unnecessary concern for a whole raft of stakeholders – for our customers, for our extensive national franchise network, and for our suppliers.
The fact of the matter is Harvey World Travel is trading normally.

A major element in the financial stability of Harvey World Travel is the very structure of the franchise network – all shops are independently owned and operated businesses. There is no central repository of cash and therefore no exposure to “collapse”.

In addition to this, Harvey World Travel agencies follow strict commercial governance in relation to client funds, which are held in separate client accounts, not dissimilar to a trust account.

It is one of the reasons why we have been a successful Australian company for more than 50 years.
Please be assured that there are no financial problems at Harvey World Travel and customers can continue to book their travel arrangements with complete and absolute confidence.

 

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...and an example of the media reports that presumably lead to this

THE global Stella tourism empire, which owns the Harvey World Travel chain and manages one in five Gold Coast holiday apartments, is in danger of collapse, threatening to cost banking giant UBS hundreds of millions of dollars.

Private equity firm CVC Asia Pacific and UBS are understood to have lost up to $1 billion on Stella after buying two-thirds of the struggling giant last year from the now-collapsed high-risk Gold Coast financier MFS.

Global tourism giant Stella close to collapse | The Australian