November 2006

XL Leisure is formed after a management buy-out of Excel Airways.

It reveals plans for a new consumer brand, revamped webiste and new routes. Martin Lock, managing director at XL Leisure, claims the new website will become the biggest travel portal in the world within the next two years.

June 2007

XL Leisure agrees three-year shirt sponsorship deal with West Ham, the Premiership football club, to raise awareness of the company’s brand.

May 2008

Company reports £23.6 million loss for the year to October 2007 despite launch of new “Fit for the Future” restructuring programme.

It warns that rising fuel prices are a major challenge, but Peter Owen, chief executive of XL Leisure, insists: “Our future is promising.”

June 2008

Peter Owen resigns as chief executive of XL Leisure for "personal reasons". Phil Wyatt, the deputy chairman and former chief executive, takes over. Mr Wyatt led the management buy-out in 2006.

August 2008

XL Airways announces that it has cancelled all winter flights to the Caribbean from the start of November.The decision ends charter flights to St Kitts and Nevis, Trinidad and Tobago, Antigua, St Lucia, Barbados and Grenada.

The airline blames soaring oil costs and the falling popularity of certain transatlantic routes.

September 2008

XL Leisure confirms that it is refinancing talks but refuses to comment on reports that it is seeking a cash injectoon as a matter of urgency.

A spokesman insists there is no connection between the cancellation of the Caribbean winter programme and the refinancing negotiations.

September 12, 2008

XL collapses into adminstration.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive