Thomas Cook name to live on after 拢11m brand buyout by Fosun
The assets bought include the trademarks, domain names, social media accounts and licences of the now defunct business.
Friday 1 November 2019 17:18, UK
The name of the collapsed holiday firm Thomas Cook is to live on after the brand was bought up by the Chinese owner of Club Med for 拢11m.
Fosun Tourism Group said the acquisition of "one of the most well-known tourism brands around the world" would enable it to expand its foothold in the travel business.
According to the deal, the assets bought include the trademarks, domain names, software applications, social media accounts and licences relating to the 178-year-old British travel company.
However, Fosun insists it's not planning to snap up any other parts of the now defunct business.
The agreement comes after liquidators of Thomas Cook rebuffed an approach from rival TUI to buy the firm's internet domain name.
It is understood the travel firm's interest was rejected because it did not want to own the Thomas Cook brand outright.
Fosun had attempted to save the operator from going under, heading a refinancing arrangement.
But the rescue bid failed when banks said the travel company needed to find more money.
Fosun chairman Qian Jiannong: "The group has always believed in the brand value of Thomas Cook.
"The acquisition of the Thomas Cook brand will enable the group to expand its tourism business building on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism."
He added: "Following the acquisition, the group will focus on business expansion, using the newly acquired Thomas Cook brands to create synergies with the existing businesses of the group."
The development comes amid continuing recriminations about the collapse of Britain's oldest tour operator last month.
Meanwhile, advisers are progressing the sell-off of other Thomas Cook assets.
KPMG is overseeing an auction of Thomas Cook's take-off and landing slots, and earlier this month sold its 555 high street shops to privately owned Hays Travel for just £6m.
In recent weeks, Thomas Cook's former bosses and auditors have been challenged by MPs investigating the company's collapse.
Peter Fankhauser, who ran Thomas Cook for five years, expressed deep regret for the board's inability to finalise a £1.1bn rescue deal, while his predecessor, Harriet Green, insisted that the business may have survived if she had not been ousted in 2014.
The government has faced criticism for refusing to underwrite part of the rescue package after rejecting a last-ditch request for a £200m loan.
Andrea Leadsom, the business secretary, told MPs this month that providing that funding would have done little to safeguard Thomas Cook's long-term survival.