Gill's Cruise Centre, the UK cruise retailer that ceased trading last week, has been taken over by P&P Associates, the company behind Asda Travel, This is money.co.uk reports on its website

Gill's foundered after its biggest customer, Carnival UK, refused to accept bookings on concerns over mounting debts.

The new owner sought to reassure customers that all bookings would be honoured by the cruise lines and said any holiday booked through Gill's was fully protected by ABTA, the report said.

Gill’s was the third largest cruise retailer in the UK and it sold some 60,000 cruise holidays last year, another report said. The British market generated about 1.63 million passengers in 2010.