On January 20, 2016, the Spanish investment fund GED Capital, owner of the Happy Tour travel agency group, sold Prestige Tour to Mustafa Kadiroglu, president and owner of the Turkish tour operator Calypso Tour.
The investor paid off the company’s debts and the operations it carried out last year, and in addition, paid only 18 RON.
In 2011, when they took over Prestige Tours from Mircea Vladu, the Spaniards paid more than 1 million EUR.
Elena Anghel, executive director of Prestige Tour, refused to comment on this transaction.
According to the Ministry of Finance website, Prestige Tour’s debts amounted to 2.7 million EUR in 2014. While in 2013 Prestige had 36 employees, their number almost halved a year later, reaching 19.
Calypso Tour is part of the Turkish group Casio Air and is the Romanian tour operator’s partner for the Turkish market. Calypso mainly operates vacations in Antalya.
Antalya remains the most profitable destination for Romanian tour operators, and in recent years no company has established an authoritative lead in this market.
Happy Tour group representatives could not be reached for comment by the time of the news transmission.
Source: Profit
Frequently Asked Questions
Who is the new owner of Prestige Tour?
The new owner is Mustafa Kadiroglu, president of the Turkish tour operator Calypso Tour, who acquired the agency from GED Capital.
How much did Mustafa Kadiroglu pay for the acquisition?
In addition to settling the company’s debts and current operations, the investor paid a symbolic sum of 18 RON.
What was Prestige Tour’s financial situation before the sale?
In 2014, the agency’s debts amounted to 2.7 million EUR, and the number of employees had decreased from 36 to 19.