Sky News reports several assets belonging to CMV have been sold to "a new vehicle" set up by former chief executive Verhounig, adding a deal with CMV’s administrator Duff & Phelps is expected to be announced on Friday (28 August).

CMV ceased trading in July and called in the administrators. However, joint administrator Paul Williams told Sky the "devastating impact" of Covid-19 on travel had made a sale of CMV’s assets and sister companies impossible in the current Covid trading environment.

Commenting on the deal with Verhounig, Williams added: "I strongly believe this asset sale not only represents the best value for the companies’ creditors that was achievable in challenging market conditions, but also provides an opportunity for CVI, through its owner Christian Verhounig, to continue to pursue funding opportunities to potentially relaunch CMV’s unique cruise operations to its dedicated customers at some point in the future."

Verhounig told Sky he, and his previous management team, were "working hard to plug the huge market gap vacated by CMV’s insolvency".

"The acquisition of the UK commercial assets provides a positive first step and we believe demonstrates our firm commitment and optimism to return much stronger and to work alongside our loyal suppliers and creditors to also help mitigate the pandemic impact," he added.