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LoveHolidays agrees to refund £18m following CMA investigation

Online travel agent LoveHolidays has agreed to pay out over £18.0m to customers waiting for money back after their holidays were cancelled due to the Covid-19 pandemic.

Source: Sharecast

LoveHolidays committed to the refunds following a Competition and Markets Authority investigation that came about as a result of hundreds of complaints to the watchdog.

The company has signed formal commitments to ensure 44,000 affected customer will receive refunds, with £7.0m having been paid out to 20,000 customers already.

After reviewing LoveHolidays' financial information, and how quickly it can realistically repay customers, the CMA has accepted the company's commitment to repay customers in full no later than March 2021. If the firm fails to repay customers by these dates, the CMA stated it was prepared to take the company to court.

CMA chief executive Andrea Coscelli said: "Our action today means that LoveHoliday’s customers now have certainty over when they will receive their money back and they will receive this without undue delay.

The announcement also follows "significant action" by the CMA in relation to holiday cancellations, with the watchdog reaching out to over 100 package holiday firms to remind them of their obligations and securing refund commitments from Lastminute.com, Virgin Holidays, TUI UK, Sykes Cottages and Vacation Rentals.

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