Thomas Cook and Co-op Travel to merge
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Thomas Cook and The Co-operative Group are merging their travel operations to form the largest high street travel operator in the UK.
Both travel brands will retain their branding but 70 outlets Going Places, Thomas Cook’s subsidiary brand will be rebanded under the Co-operative Travel brand.
The network will include 1,204 high street travel agencies.
Thomas Cook will hold 70% of the joint venture and The Co-op travel will hold the remaining 30%.
Thomas Cook’s online business is not included in the deal and will operate independently from the retail function.
Peter Marks, group CEO of The Co-operative Group, says: “This brings together two of the industry’s most trusted brands. This deal is in line with our wider strategy to grow our businesses through merger and acquisition.”
The new business will be chaired by Manny Fontenla-Novoa with Ian Derbyshire as CEO.
Readers' comments (3)
Anonymous | Fri, 8 Oct 2010 9:50 am
How can a non holding shares company like the coop merge with one who has shareholders are they going to make members of the coop shareholders or pay off TC shareholders as it wont be fair on coop members plus its just another nail in the travel business coffin with less competition prices will rise again ,
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Anonymous | Fri, 8 Oct 2010 12:22 pm
What's next Thomson choice cook it? This company would definatley be going places in this co operative Market. Nice to see the mytravel brands are being wiped out one by one.... Merger doesn't exist in the Thomas cook dictionary, trust me, I've been through it.
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Anonymous | Sat, 9 Oct 2010 9:56 pm
Astonishing news that co-op travel will continue trading under the co-op brand name, even though 70% of the new company will support the share price of Thomas Cook.
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