The Edreams travel group intends to move its registered seat out of the grand duchy. Library picture: Edreams.com website seen in 2015. Photo credit: Gil C / Shutterstock.com
The online travel group Edreams Odigeo plans to relocate its registered office from Luxembourg to Spain in a bid to reduce overhead.
The move is intended to help the firm “achieve organizational and cost efficiencies,” Edreams said in an announcement on 31 March.
The group operates the travel sites Edreams, Go Voyages, Opodo, Travellink and Liligo, making the firm, it stated, “one of the world’s largest online travel companies” with “more than 18 million customers per year across 46 markets.”
Edreams is listed on several Spanish stock markets and like many companies in the travel sector, it has been hit hard by the coronavirus outbreak. In its quarterly earnings announcement on 27 February, it said booking were down at all its destinations, per Reuters.
Separately on 31 March, the company said it would apply to put 985 employees in Spain on that country’s short-time working scheme, per Reuters. Its 2019 annual report said it had “1,500+ employees”.
Delano asked Edreams how many staff members it currently employed in Luxembourg and about their future status. A representative told Delano on Tuesday that the move would have “no impact in human resources.”
The company said it would hold a shareholders meeting to approve the redomiciliation from Luxembourg to Spain in September. It expects the transition to be completed by the Spanish commercial registrar “approximately 5 weeks after the approval at the next extraordinary general meeting,” the rep said.
Updated with Edreams statements on 31 March at 5pm