Tour OperatorsChief executive Brett Tollman assures that the family-run business is "highly solvent" through the US$300 Million Peace of Mind Promise.

In a first, The Travel Corporation discloses solvency amid Covid

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Red Carnation Hotel Collection includes the Oyster Box in Durban, South Africa.
Red Carnation Hotel Collection includes the Oyster Box in Durban, South Africa.

In the highly uncertain business climate caused by Covid-19, The Travel Corporation (TTC) has come out to declare that the company and its portfolio of 40 travel brands are in a strong state of financial health with its US$300 Million Peace of Mind Promise. 

While the privately-owned TTC is not obligated to release information around the financial status of the business, the company recognises that "these challenging times call for transparency and the reassurance of TTC’s current financial strength and integrity". 

To give clients the comfort in knowing that the organisation is highly solvent, TTC has decided to "share tangible financial information so that agents are fully aware that their clients’ monies and future travels are safe", it said in a press statement.  

Among the group of TTC brands is the five-star Red Carnation Hotels (RCH), which owns 14 properties across prime locations around the world, including the highly anticipated opening of the Xigera Safari Lodge. RCH is audited by the international accountancy firm, Mazars, which confirms that the company has unencumbered fixed assets in excess of US$300 million as of December 31, 2019. 

“As The Travel Corporation celebrates our 100th year anniversary, we continue to be a very stable and solvent company. Our Peace of Mind Promise gives the reassurance to our loyal travel advisors and their clients that their monies for future travel are safe and this goes beyond our commitment to having a memorable holiday with us,” said Brett Tollman, chief executive of The Travel Corporation. 

“The guest experience is always at the heart of TTC and we have further enhanced our well-being protocols and added our brand-new Well-being Director positions as we look forward to warmly welcoming back each and every guest on a future trip,” he concluded. 

In response to clients’ needs for more flexible booking options in a post-Covid-19 world, TTC has implemented a refundable US$99 deposit, which allows guests to secure the trip they want without risk. Customers are allowed to make free changes up and until 30 days prior to travel, and if they opt to do so they can choose new dates and/or a new destination without penalty on the land portion of their trips. 

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