The President of the Cabildo of Lanzarote, Oswaldo Betancort, has expressed his regret following the bankruptcy of the tourism group FTI Touristik GmbH, parent company of FTI Group, recognized as the third largest tour operator in Europe. Despite this situation, Betancort has sent a message of calm to the population and the tourism sector of the island.
“One of the most important German tour operators has filed for bankruptcy after several months of uncertainty about possible defaults and the search for a financial partner,” Betancort pointed out. “As President and Councilor of Tourism of Lanzarote, I want to assure everyone that we are analyzing the effects that this situation may have at the island level, although the volume that FTI represented for Lanzarote is relatively low.”
FTI Group had contributed approximately 5% of the German tourism that arrived in Lanzarote in 2023, that is, about 13,000 of the 253,000 German tourists who visited the island. “Although we are still assessing the effects of the fall of FTI on the economy and tourism industry of the island, we regret this news because Germany is our third international tourism-emitting market, behind the United Kingdom and Ireland,” Betancort added.
The president has maintained direct communication with the Federation of Tourism Businessmen of Lanzarote and Asolan, who are currently evaluating the negative impact that could result from the bankruptcy, especially in terms of debts to hotels and unpaid invoices. Betancort is confident that the figures will not be excessively high, given that FTI is not one of the main issuers of tourists to the island and did not operate with its own airline, a crucial aspect to consider.
“In any circumstance, the Cabildo de Lanzarote, as the highest governing institution of the island, will closely follow the consequences that this news may bring and will activate any management policy based on sustainable development and the promotion of tourism, always working to strengthen the local economy and guarantee the well-being of its residents and visitors”, Betancort concluded.