Thomas Cook’s Chinese owner eyes sale of the travel business following 2019 rescue
Thomas Cook’s Chinese owner is considering a sale of some or all of the travel business.
The 180-year-old brand was snapped up by Fosun – then its biggest shareholder – following its collapse under a huge pile of debt in 2019.
Independent group Hays Travel bought Thomas Cook’s 555 High Street stores.
Debts: Thomas Cook was snapped up by Fosun – then its biggest shareholder – following its collapse under a huge pile of debt in 2019
Fosun, founded by billionaire Guo Guangchang, relaunched the Thomas Cook business as an online-only travel agent last year.
And in the six months to June 30, Fosun said Thomas Cook saw ‘significant growth’, handling £85million of bookings.
It is looking for an outside investor or a buyer for the entire business, Sky News reported.
Fosun is believed to be raising funds to cut its debt pile.
Thomas Cook went bust in September 2019 after failing to secure a £200m lifeline from bankers and the Government refused to help.
Its collapse triggered Britain’s biggest ever peacetime repatriation, with the Government and the Civil Aviation Authority bringing more than 150,000 stranded holidaymakers home.