Romania’s largest online tour operator Paravion.ro is entering insolvency following the decline of its business on the Turkish market, Ziarul Financiar reported on August 7 quoting a company statement.
In 2015, Paravion.ro purchased its Turkish peer Bavul.com, a specialist in online air ticket sales with a portfolio of 300,000 users. The Turkish business was, however, affected in the past year by political and security issues in Turkey.
“After the acquisition, Bavul reported a turnover of €23mn, but the socio political situation in Turkey, along with the depreciation of the Turkish lira, have dramatically affected the development of the investment and consequently of the Paravion business,” the online tour operator said.
Bavul.com will now be closed, while Paravion will enter a reorganisation process.
Tourists can still make plane tickets and accommodation bookings and can buy holiday packages on Paravion.ro, the company said.
Paravion.ro was launched in 2005 and offers access to a global travel network of 800 airline companies and over 300,000 hotels all over the world. Last year, sales of plane tickets exceeded 440,000.
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