Tourism takeover on the cards

KINGFISHER Bay Resort executives are believed to be on the verge of signing a multi-million dollar contract to take over former competitor The Fraser Island Company.

Yesterday reports the two parties were about to seal the deal were confirmed but a spokesperson for Kingfisher said at the time of going to press, documents had yet to be signed.

The Fraser Island Company went into administration three weeks ago shortly after it was revealed it was millions in debt.

It is believed more than $3m is owed to various unsecured investors including the Australian Taxation Office, the Fraser Coast Regional Council and a client of Hervey Bay's Ray White Real Estate.

Starting out as Top Tours more than 12 years ago, The Fraser Island Company won several regional, state and national awards for the tour and accommodation services operated at Cathedral Beach.

A number of companies tendered for the contract but it is believed Kingfisher came out on top.

Since the company went into administration Kingfisher had been taking care of tourists with existing bookings. The contract's value is not known.



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