Thomas Cook to Return as Online Travel Firm

Thomas Cook to Return as Online Travel Firm

Thomas Cook to Return as Online Travel Firm after £11m Brand Acquisition.
The Chinese company Fosun Tourism Group has acquired the brand for £11m a year on from the firm’s collapse. The new version began selling holidays online and over the phone today, September 16, but does not have a high street presence.

When Thomas Cook collapsed its estate of 555 stores were all snapped up, together with staff, by Sunderland’s Hays Travel.

The reinvented Thomas Cook employs around 50 people and retains the brand’s logo.

Thomas Cook to Return as Online Travel Firm

Alan French, who was group strategy and technology director at Thomas Cook when it collapsed, has been hired as UK chief executive of the new travel agency and described the relaunch as “an honour”. He said: “What happened last year was a tragedy at a personal level for many thousands of my former colleagues, our business partners and of course our loyal customers.

“The resilience and affection still felt for the Thomas Cook brand reflects the huge commitment and professionalism of those former colleagues. We are very much in their debt and hope to have their backing as we look to take the brand into a new era.”

The failure of Thomas Cook led to 9,000 jobs being lost and the repatriation of around 150,000 holidaymakers who were overseas.

Mr French pledged that the new travel agency’s customers can be “reassured their money is protected” due to its “robust financial structure”.

The travel industry has been hit hard by the coronavirus pandemic, with the self-isolation requirement causing demand for foreign breaks to plummet.

Mr French said: “We have reinvented one of the most recognisable names in British travel.

“Our new business will combine fantastic UK-based customer service with an updated operating model protected by Atol and with the backing of a multibillion-dollar organisation.

“We are launching now clearly aware of the short-term challenges posed by the pandemic. We and our Fosun backers are taking the long view and we want to offer choice, customisation and 24/7 on-holiday customer care to families who wish to travel now and in the future.

“We know Brits are keen to travel but feel nervous about safety and any changes to Government rules on quarantine. We are only selling destinations on the travel corridor list and all the hotels are flexible. We also won’t charge customers a fee to change their holidays if Government rules change.”

Jim Qian, chairman and chief executive of Fosun Tourism Group, said: “Thomas Cook has a proud heritage and after acquiring the brand last year we wanted to quickly return it to its home in the UK.

“Supporting the growth of the brand in China and its relaunch in the UK is a big step in our plan to turn Thomas Cook into a global success story and a key milestone in the development of the Fosun Tourism Group’s strategy.”