In a post on the Flash Pack website on Wednesday (4 November), Radha Vyas and Lee Thompson revealed they had remortgaged their home to save the business.
They said the decision to place the business into administration would help existing customers get a refund as soon as possible.
"Like many travel businesses, the Covid-19 pandemic has had a devastating impact on Flash Pack," the pair said.
"The industry has been hit hard, affecting group travel aimed at solo travellers particularly badly.
"We’ve spent every day of the last seven months searching for ways that would allow Flash Pack to continue, from funding to furloughing.
"And, although we know travel will return, continuing to search for a viable solution with no clear idea of when this will happen is now too great a risk."
The CAA on Wednesday confirmed Flash Pack Limited, Atol 11200 (which lapsed last month), had ceased trading, referring customers to The Travel Vault.
Vyas and Thompson, though, said in their post they were "not ready for the adventure to end", adding they hoped to revive Flash Pack next year.
"By remortgaging our home, we’ve been able to save the business – and our hope is to relaunch some time in 2021, when or if the pandemic allows," they said.
"The future of our adventure is still uncertain and we have no idea if we’ll be back but, for now, our website and social channels will remain online, in hibernation."
Existing customers have been emailed, and can obtain additional support from the Flash Pack website FAQ or by emailing refunds@flashpack.com.
Anyone wishing to continue hearing from the business can sign up to a mailing list via the Flash Pack website.
"We’d like to thank our wonderful community of Flashpackers, for everything – it’s been an enormous privilege," said Vyas and Thompson in parting.
"Your courage, friendliness and spirit of adventure is what made Flash Pack today, and the thousands of lasting friendships formed on our adventures – along with the growing confidence in the joy of solo travel – are the legacies we hope will continue into the future, with or without us.
"Thank you everyone for what has been an unbelievable adventure – our wonderful customers, our global partners and, above all, our supremely talented team.
"We wish you all the best – please stay safe and keep your travel dreams alive. We hope to see you again soon."
