Tour operator Flash Pack has been brought out of administration in a pre-pack deal by its founders.
Administrators Fortis Insolvency confirmed the previous owners of the adventure and solos specialist, which ceased trading on November 3, had acquired the assets of the brand.
Radha Vyas and Lee Thompson plan to relaunch the business next year, and posted on their website that they would remortgage their home in order to do so.
The pre-pack administration was confirmed by Fortis Insolvency, which conducted a strategic review and sales process. As a result of the administration five employees were made redundant.
Insolvency practitioner Daniel Taylor said: “The Covid-19 pandemic travel restrictions had a serious impact on the business and saw the cancellation of Flash Pack’s 2020 and early 2021 programme.
“Attempts to secure the business by reducing staff numbers and seeking an injection of cash through government schemes or other sources proved unsuccessful.
“As a well-known and respected travel company among solo travellers, the sales process brought strong interest from a number of organisations. With the original founders at the helm the business has a strong foundation and experienced management team upon which to build once the travel market returns.”