Flash Pack co-founders Radha Vyas and Lee Thompson have agreed a pre-pack rescue deal for the adventure and solo travel specialist, a day after confirming the business had been placed in administration.
Vyas and Thompson have secured the firm’s assets following a strategic review and sales process managed by Fortis Insolvency.
Five Flash Pack employees have been made redundant as a result, Fortis confirmed on Thursday (5 November).
It comes after Vyas and Thompson on Wednesday (4 November) revealed plans to remortgage their home to rescue the business and revive it next year, "if the pandemic allows".
They said the move to place the business in administration was a strategic one to help existing customers get refunds "as soon as possible".
The pair said the pandemic had had a "devastating impact" on the business, which specialised in adventure, wellness beach and city break holidays in Europe, Asia, Africa and America, targeted at people in their 30s and 40s.
The CAA on Wednesday confirmed the business had ceased trading, and that its Atol lapsed as of 1 October.
Daniel Taylor of Fortis Insolvency 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."