Company goes bust owing millions
AWARD-WINNING tourist operator the Fraser Island Company reportedly owes more than $3 million to unsecured investors and has been taken over by administrators.
For more than 10 years the company, which started as Top Tours, has been operating backpacker tours around the island and to its camping lodge near Cathedral Beach.
It is believed the company now has outstanding debts with the Australian Taxation Office, the Fraser Coast Regional Council and a client of Hervey Bay’s Ray White Real Estate.
Kingfisher Bay Resort General Manager Gary Smith said yesterday that while the FIC ran a business in competition to the resort’s tour operators, it was still “very sad” to see the company suffering.
“It’s very disappointing to see a regional tourism business collapse,” Mr Smith said.
“The high dollar is certainly an issue but the biggest problem is that even though we are better served than we once were with airlines, we are still not nearly as well served as our competitor destinations.”
Brisbane based administrator Julie Williams said the shock announcement would not impact customers who had existing bookings with the company.