The coronavirus crisis has caused demand for travel to nosedive and sent airlines into freefall, but holiday retailer On The Beach is keeping its eyes peeled for deals.
Britain’s biggest online travel agent has built up a £50m war chest in a bid to increase its market share by scooping up struggling rivals struck by the pandemic.
On The Beach has not been shielded from the havoc in the sector, however. On Tuesday it slumped to a £34.1m loss for the six months to April, in contrast to a profit of £11.9m a year earlier.
Sales plunged by two-thirds during the period to £21.4m, while costs related to Covid-19 and the cancellation of bookings set the business back close to £35m in the period.
During the crisis, any dealmaking within