Tuesday, Aug 04, 2020 | Last Update : 04:53 PM IST

133rd Day Of Lockdown

Maharashtra45019628703015842 Tamil Nadu2632222022834241 Andhra Pradesh166586886781537 Karnataka139571625002594 Delhi1384821242544021 Uttar Pradesh97362553931778 West Bengal78232548181731 Telangana6766048609551 Gujarat64684476632504 Bihar5956738508336 Rajasthan4555532051719 Assam4527633429109 Haryana3717330470440 Odisha3629723074248 Madhya Pradesh3428524099900 Kerala268731527885 Jammu and Kashmir2200614032407 Punjab1852711882442 Jharkhand135004794125 Chhatisgarh9820725661 Uttarakhand7800453890 Goa6816487656 Tripura5389360527 Puducherry3982241156 Manipur292017667 Himachal Pradesh2818165813 Nagaland21296574 Arunachal Pradesh175810633 Chandigarh116070619 Meghalaya9022645 Sikkim6882971 Mizoram4962660
  Business   Companies  02 Nov 2019  Fosun buys Thomas Cook brand for 11 million pounds

Fosun buys Thomas Cook brand for 11 million pounds

PTI
Published : Nov 2, 2019, 1:52 pm IST
Updated : Nov 2, 2019, 1:52 pm IST

Thomas Cook 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.
 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.

Beijing: Chinese conglomerate Fosun has snapped up the 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 take ownership of the brand rights to Thomas Cook as well as subsidiary hotel chains Casa Cook and Cook's Club under the terms of the purchase agreement, it said in a statement late Friday.

The acquisition would build upon Fosun's existing tourism holdings and "the robust growth momentum of Chinese outbound tourism," said Qian Jiannong, the chairman of Fosun's travel arm.

 

Thomas Cook had struggled against fierce online competition for some time and blamed Brexit uncertainty for a drop in bookings before its collapse.

Tags: fosun, thomas cook, tourism, club med, casa cook, cooks club
Location: China, Peking, Peking