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Tour Company City Sightseeing Prague Files for Insolvency

City Sightseeing is one of the world’s leading open-top bus, boat, and guided walking tour company. Established in 1999, the global brand provides hop-on hop-off services.

City Sightseeing operates in over 100 locations across 5 continents which includes cities such as London, Rome, New York, Edinburgh, Seville, Moscow, Cape Town, and Prague.

The lack of tourists in the Czech capital forced City Sightseeing Prague to file for insolvency.

COVID-19 pandemic is mentioned by the company in the declaration of insolvency as the main reason for the current situation. “Due to the nature of the business, it is not possible to continue operating this type of activity, nor can we expect a change and possible improvement of the situation in the near future,” the company wrote in the proposal.

According to the proposal, the company has liabilities in the amount of 14 million CZK. He mentions four buses, two of which are double-decker.

According to the proposal, Unicredit Leasing, City Sightseeing Support (a British company, the Czech branch operates as a franchise) and the city of Prague are among the carrier’s largest creditors.

In 2019, according to official documents, the company had sales of almost fifty million CZK, but the net profit was 425,000 CZK.

The Czech Ministry of Transport distributed almost one billion CZK to tour carriers company through the Covid-Bus program.

The subsidy was determined in the form of a contribution per seat per day according to the EURO bus emission standard in the period from 12 March 2020 to 30 June 2020.

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