Thomas Cook Tourism

Thomas Cook Tourism (UK) Company Limited,[1] known simply as Thomas Cook, is a newly formed British-Chinese tourism brand. It is owned by Chinese multinational firm Fosun after it bought the brand and hotels from the insolvent Thomas Cook Group when it entered compulsory liquidation in September 2019.[2]

This article is about the new Chinese subsidiary of Fosun Tourism, Thomas Cook Tourism. For the insolvent British travel group, see Thomas Cook Group.
Thomas Cook Tourism
Thomas Cook Tourism Company
Private Limited Company
IndustryHospitality, tourism
PredecessorThomas Cook Group plc
Founded2 December 2019 (2 December 2019)
HeadquartersLondon, England, United Kingdom
ProductsPackage Holidays
BrandsCasa Cook Hotels
Cook's Club Hotels
OwnerFosun International
ParentFosun Tourism
Websitewww.thomascook.com

History

Fosun - Thomas Cook Group

Before the formation of the new company, its owner Fosun International held a 7% stake in the British insolvent Thomas Cook Group.[3]

In August 2019, Fosun negotiated a rescue package for the failing group, which had lost £1.5bn in that year. The package consisted of a £900m bailout, in which Fosun would pay in £450m and the other £450m paid by banks and bondholders; the deal would mean that Fosun would hold a stake of 75% in the Thomas Cook Group Tour Operator and 25% in Thomas Cook Group Airlines.[4] The rescue package fell through in September when investors demanded an extra £200m to ensure the group survived through winter.[5]

On the morning of 23 September 2019, Thomas Cook Group entered compulsory liquidation and all operations ceased.

Formation of Thomas Cook Tourism

On 1 December 2019 it was announced that Fosun had acquired the Thomas Cook brand and numerous hotels for an amount of £11m.[2]

The new company was set to commence operations in 2020, as Fosun began hiring former Thomas Cook executives to begin relaunch preparations in late 2019.[6]

The Thomas Cook website changed from its 'compulsory liquidation’ page to a new Thomas Cook Tourism page.[7]

References
  1. "THOMAS COOK TOURISM (UK) COMPANY LIMITED". Companies House. HM Gov - Companies House. 23 April 2020. Retrieved 23 April 2020.
  2. "Thomas Cook brand sold to Club Med owner Fosun for £11m". BBC News. 1 November 2019. Retrieved 23 April 2020.
  3. "Thomas Cook links up with Chinese company to profit from tourist boom". The Guardian. 15 June 2015. Retrieved 23 April 2020.
  4. "Thomas Cook to sell majority stake to China's Fosun". BBC News. 28 August 2019. Retrieved 23 April 2020.
  5. "Thomas Cook share price crashes as lenders demand extra £200m to seal rescue deal". City AM. 20 September 2019. Retrieved 23 April 2020.
  6. "Thomas Cook Brand Set for 2020 Relaunch by Chinese Owner". Bloomberg. 12 December 2019. Retrieved 23 April 2020.
  7. "Package Holidays, City Breaks and Hotels". Thomas Cook. Retrieved 5 June 2020.
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