Paradise Travel agency has closed its doors and its staff are set to be laid off.

According to reports, the company has been facing a difficult financial situation.

Paradise Travel was established in 2013 as a travel agency for Indian expats and had grown to serve over 100,000 travellers.

However, as of April 2017, it had shut down its operations and ceased to operate as a fully-fledged travel agency.

According to reports in The Hindu, the business will be handed over to a company called Pinnacle Group, which will operate as an agency to take over the management and operations of the business.

Pinnacle Group is also looking to acquire another company called Paradise Travel Ltd.

The company, which was set up in 2019, had no previous experience in the travel industry and had been working in the retail and hospitality sector.

Its founders had earlier started a travel consultancy business called Destination Planning, which is now being wound down.

According a press release issued by the Paradise Travel Group, the news came after the company had reported a loss of Rs. 8.2 crore in the three months to March 2017.

The statement said the losses were due to the restructuring of the company.

“The loss is being borne out of the restructuring undertaken by the company,” it said.

According a company statement, the move to divest was taken after the exit of its managing director, Vijay Sharma, who was also the managing director of Pinnacle Travel Group.

According the company, the exit is not a result of the financial woes of the firm.

“The exit is an exercise to save the company money, since it has not been able to generate any additional income since the restructuring,” the statement added.