On June 30, Slovak travel agency HappyTravel.sk was still selling holiday packages to Egypt and Turkey. Just one day later, on July 1, the company declared insolvency, meaning it could no longer meet its financial obligations.
Roman Berkes, CEO of HappyTravel.sk, also stepped down as president of the Slovak Association of Travel Agencies and Tour Operators (SACKA).
The agency specialised in holidays to Turkey and Egypt, two of the most popular destinations for Slovak tourists. The reason behind the sudden insolvency remains unclear.
This is the first major insolvency of a Slovak travel agency since 2020, when Aeolus and Firo-tour collapsed during the Covid-19 pandemic.
HappyTravel.sk has not yet published its 2024 financial results. However, the company had previously operated on a profit of only a few thousand euros, despite annual sales of around EUR 13 million.
“We deeply regret the situation and apologise for all the inconvenience caused. Despite major investments and great effort, we were unable to avoid insolvency,” the agency said in an official statement.
Slovak holidaymaker Stefania Kampe, who bought her trip through an intermediary, spoke to a HappyTravel.sk delegate in Turkey on July 1. The delegate was surprised by the news and had no further information, although she assured Kampe that everything had been paid for.
On July 2 morning, after several attempts, Kampe managed to contact Europ Assistance, the insurance company named in HappyTravel.sk’s statement. The insurer confirmed that all services, including her return flight, were covered.
HappyTravel.sk is insured against insolvency with Generali until November 30, with coverage up to EUR 2.88 million.
“In cooperation with HappyTravel.sk, Generali has arranged a solution for customers currently abroad – over 1,000 people. All of them will be able to complete their holidays and return home on their scheduled dates. Travel agency representatives will provide all necessary information,” the insurer said. (The Slovak Spectator)