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Tag: Thomas Cook

Thomas Cook India Acquires Branding Rights for India, Sri Lanka & Mauritius
INDIA

Thomas Cook India Acquires Branding Rights for India, Sri Lanka & Mauritius

Travel services firm Thomas Cook India has entered into an agreement to acquire the rights of the Thomas Cook brand in India, Sri Lanka and Mauritius for around Rs 13.9 crore. The company has signed a pact with AlixPartners, Thomas Cook UK's appointed special managers, to acquire the exclusive ownership of the brand in these three markets for one-time payment of GBP 1.5 million (around Rs 13.9 crore), the travel services company said in a statement. "I am delighted that we have been able to sign an agreement to acquire the rights to the iconic Thomas Cook brand across India, Mauritius & Sri Lanka. The brand is one of the most respected names in the travel services space and one that we at Thomas Cook India have operated uninterrupted for 138 years since 1881," Thomas Cook (India...
Fosun buys Thomas Cook brand for $14.2 Million
ACQUISITION

Fosun buys Thomas Cook brand for $14.2 Million

Chinese conglomerate Fosun acquired Thomas Cook brand for 11 million pounds (USD 14.2 million), weeks after the renowned British travel group went bust and left hundreds of thousands of holidaymakers stranded abroad. Thomas Cook's demise in September sparked 22,000 job losses worldwide and triggered Britain's biggest repatriation since World War II, with the government paying to fly home 140,000 tourists. The 178-year-old British institution declared bankruptcy in September after an attempt to secure USD 250 million from private investors fell through. Hong Kong-listed Fosun, which was already the biggest shareholder in Thomas Cook and also owns France-based resort giant Club Med, had backed out of the eleventh hour deal to keep the debt-plagued company afloat. Fosun will now ...
Hays Travel acquires 555 Uk Stores of Thomas Cook
ACQUISITION

Hays Travel acquires 555 Uk Stores of Thomas Cook

The dismantling of Thomas Cook, with the sale of all 555 UK stores to a smaller rival of the collapsed holiday giant. Thomas Cook, which went bankrupt overnight last month, was the biggest holiday company in Britain with both a tour operator and airline division. Travel agent Hays Travel, which is mostly based in northern England, announced in statement that it has acquired the branch portfolio from the official liquidator for an undisclosed sum. The official receiver added Wednesday that Hays has already recruited 421 former Thomas Cook staff. Hays added in a separate release that it could potentially save up to 2,500 jobs and would seek to reopen some shops as soon as Thursday. And it also expects to create another 100 jobs at its headquarters in the city of Sunderland, n...
Thomas Cook Bankrupt, Left 600,000 Tourists Stranded Abroad
News

Thomas Cook Bankrupt, Left 600,000 Tourists Stranded Abroad

23rd Sept, 2019- UK based travel firm Thomas Cook file for bankruptcy, leaving some 600,000 holidaymakers stranded and sparking the UK's biggest repatriation since World War II. The 178-year old debt ridden firm, which had struggled against fierce online competition has failed to secure 200 million pounds (USD 250 million, 227 million euros) from private investors and collapsed in the early hours. Bankruptcy, which followed a lengthy period of chronic financial turmoil after a disastrous 2007 merger deal, left some 600,000 tourists stranded worldwide according to Thomas Cook, while its 22,000 staff are now out of a job. The British government launched emergency plans to bring some 150,000 UK holidaymakers back home from destinations including Bulgaria, Cuba, Turkey and the U...
US-based Thomas Cook May Acquire Mumbai’s Traveljunkie
ACQUISITION

US-based Thomas Cook May Acquire Mumbai’s Traveljunkie

The US-based popular travel agency Thomas Cook is eyeing to acquire 24% stake in Mumbai-based Traveljunkie, which recommends destinations and help people plan their trips and book activities, hotels and flights. The startup Traveljunkie basically serves people traveling to Thailand, Indonesia and Turkey. The company was founded in 2015 by IIT-Bombay graduates Ameya Sahasrabudhe and Rahul Singh. The source of revenue for the startup is the commission that it charges from operators and vendors selling local activities and experiences. The good part is that the users are not charged anything. “For Thomas Cook, the partnership with Ithaka creates a new channel that reaches and serves millennials, while for Ithaka, the partnership delivers an end-to-end, bookable experience,” said Madhav...