It really is a rescue for Thomas Cook’s system of traditional shops, however will likely not save your self the 178-year-old name brand.
But have John and Irene Hays, the couple group whose business is purchasing the 555 stores, bitten down significantly more than they could chew?
Today, Hays Travel has 190 shops, with yearly product product product sales of Ј1bn and pre-tax earnings of Ј10m.
But its purchase for the Thomas Cook system for the undisclosed amount represents a huge expansion for the business this is certainly additionally not as well known than its unsuccessful bigger rival.
And it also comes at time as soon as the means customers purchase vacations happens to be changing – with numerous deciding to book on the web as opposed to obtaining the hassle of a visit to your stores.
The back ground to Thomas Cook’s collapse recommends it’s a disheartening task.
The seeds of this demise were sown more than about ten years ago whenever Thomas Cook itself embarked on an expansion that is major swallowing up package holiday firm MyTravel and soon after buying the Co-op’s community of high-street travel companies.
That legacy left it saddled with debts of Ј1.6bn and, for many administration’s efforts to refocus the business enterprise, not able to endure a trading that is increasingly tough – with need struck by facets which range from governmental doubt to this past year’s heatwave summer time.