Fosun Tourism Group is in talks to sell Thomas Cook, the online-only travel agency it acquired out of bankruptcy three years ago.
Three years after saving the name from corporate ignominy. The Chinese proprietor of Thomas Cook is planning an outright sale of the British holiday brand.
Fosun Tourism Group is in preliminary discussions with several potential purchasers of the online travel agent (OTA) (OTA).
Fosun, a subsidiary of the same conglomerate that owns Wolverhampton Wanderers FC, a Premier League team, is investigating the sale of a minority stake in Thomas Cook by bringing in capital from an outside investor.
It is pondering selling Thomas Cook four months after denying it.
The potential sale of the 180-year-old brand, which was arguably Britain’s best-known tourism moniker for decades, coincides with Fosun’s consideration of selling the Club Med luxury resort chain.
The Chinese conglomerate has worked with Rothschild bankers on the Club Med plan for months to reduce its debt.
Fosun purchased the Thomas Cook brand and other intellectual property assets from its bankrupt parent company for £11 million.
The London Stock Exchange-listed company struggled to raise money for months before failing in September 2019.
Subsequently, a significant portion of its high street operations was transferred to the independently owned Hays Travel.
Fosun Tourism Group recorded a 340% year-over-year increase in Thomas Cook UK bookings, or 80,000 vacations.
A company representative stated, Since last year, we’ve been reviewing our portfolio firms’ future development.
“We will seriously consider collaborating with prospective partners where it makes strategic sense to achieve Thomas Cook’s commercial goals.”
