Not a happy time for Happy Tour
There was nothing standing in the way of business travel development about a year ago. The first few months of 2009, however, dealt a heavy blow to the agencies that relied on business people; their traffic has gone down to almost half of what it was last year and expectations for the rest of the year are hardly optimistic.
The first year in the portfolio of GED investment fund was complicated for Happy Tour. The agency almost lost its leading position on the travel market, changed its management and organisation, and, to top it off, travel budgets were cut. This cut managed to halve the market in the first few months of the year. Actually, quite few of the expectations of Gabriel Ionescu, general manager of Happy Tour recruited by GED Eastern Fund II to run a future group of travel agencies intended to be the undisputed leader of the market, came true. GED’s plans at the moment it recruited Gabriel Ionescu were made soon after the takeover of the leading travel agency, Happy Tour (December 2007, in a deal put at 10 million euros), which should have been followed by other acquisitions on the business travel market. Meanwhile, GED’s plans changed, and the investment fund told BUSINESS Magazin ”currently we are not considering (to buy i.e.) any Romanian travel company,” and that ”in six months, we expect to complete one or two new deals, though none of them related to travel industry,”
Traducere de Loredana Fratila-Cristescu si Daniela Stoican
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