VZR Garant Guarantee Fund celebrates its fifth anniversary. Founders Thiemo Hollering and Jules Wedershoven speak of a ‘hectic’ five years in which a lot has happened. An interview. The renewal of the Package Travel Directive in 2018 was the immediate reason for the establishment of VZR Garant. That was in June 2019, together with a group of about 75 charterers. ‘Five years later, we now have more than 325 participants from all kinds of sectors. From classic travel companies to sailing schools’, say the entrepreneurs and former school friends Hollering and Wedershoven. ‘VZR Garant is now a business partner of the sector organisations ANVR and VvKR. We work closely with them. It has also become possible for participants to participate in the Calamity Fund. In addition, we completely revamped our website at the beginning of this year. In addition to various options for personal contact for new and existing participants, travelers can easily and quickly check whether a travel organization is affiliated. We try to keep innovating. For example, we have made it possible for participants to deposit a deposit as an alternative to the often expensive bank guarantee.’
‘We didn’t expect to join participant number 300 at the beginning of 2024.’
The past five years have not been all positive, says Hollering. ‘Six months after VZR Garant was founded, we had to deal with the corona pandemic. The impact of such a major crisis on a guarantee fund in the start-up phase is of course enormous. That was an exciting time. Fortunately, the measures taken have worked out well and we have come through that period well.’ Wedershoven: ‘We have now had to deal with three bankruptcies of participants. That is of course more than in ‘normal’ times and therefore more than we had anticipated when we were founded. On the other hand, it gave us the opportunity to prove ourselves as a start-up guarantee fund. Looking back, we conclude that we came out stronger.’ Guarantee society When asked what unexpected obstacles they encountered, the duo answers: ‘Other guarantee funds were set up as foundations. That’s relatively easy. Due to a change in legislation, it turned out that it was no longer possible for us to operate as a foundation. As a result, VZR Garant is not a foundation but a mutual guarantee company, a model that you also see with other insurers. There is a lot to consider when setting it up and running it. For example, there is an annual general meeting for all members and there is an audit committee. So there’s a lot of transparency. In the end, we came to see that as an advantage: it distinguishes us from other guarantee schemes and it is appreciated by our participants.’ What’s next? ‘Of course, we also saw in the early stages that we had to prove ourselves. They were waiting to see what happened. Not only travelers and tour operators, but also authorities. Can bankruptcy be absorbed in the start-up phase of the guarantee fund? And what about the consequences of the corona pandemic? Participants’ reservations were largely wiped out. This increased the risk for our guarantee fund. We had to figure out how to deal with that. Fortunately, we saw that our approach was successful and that the scepticism disappeared.’ Sooner than expected, VZR Garant was able to join the 300th participant with Barrio Life. ‘Of the five years that VZR Garant has existed, more than two have been dominated by the corona pandemic. At the time, we did not expect that we would join participant number 300 at the beginning of 2024. In January 2023, we said in TravMagazine that we would like to grow to 500 participants, and that within three or four years. We are well on our way and we remain ambitious. Our participants and partners are essential in this: they are our ambassadors.’ What is the profile of your average participant? ‘Our participants are mainly organisations that organise their own trips. They are specialist organisations that often become members of the VvKR and increasingly also of the ANVR. Our participants range from start-ups to existing companies with a turnover of up to 5 million euros. We don’t take unnecessary risks and grow step by step. In this way, we will also be able to admit larger organisations in the future.’ What is the dot on the horizon? ‘In our growth to 500 participants, we want to be even more of a partner for our participants and support them with various issues and challenges. We want to think along with them and inform them about relevant topics. We are preparing this behind the scenes and we will come out with it soon. Furthermore, we want to focus on even more personal contact with our participants, not only during registration, but also during participation. And as soon as the guarantee fund is ready, we want to admit larger travel organisations.’ 
