Flash Pack founders to buy firm out of 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.