Fosun set to buy up Thomas Cook name
Chinese investment conglomerate Fosun looks set to snap up the Thomas Cook brand along with the intellectual property assets of the failed travel company.
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Fosun is the frontrunner to purchase the Thomas Cook assets, having pulled ahead of rivals such as travel agency Tui to seal a deal that could be announced next week, two people briefed on the situation told the Financial Times.
Household name Thomas Cook suffered a high-profile collapse last month, leaving 140,000 holidaymakers stranded abroad.
The 178-year-old firm failed to secure a £200m lifeline from its backers, having already received £900m from various groups including Fosun, which owns rival travel company Club Med.
Now, Fosun is in talks to buy Thomas Cook’s name and various other assets such as its high-end Casa Cok and Cook’s Club brands, the FT said.
The two people briefed on the issues said the deal would let Fosun create an online travel agent using the Thomas Cook name, which still has considerable reach.
Alix Partners, the restructuring group managing Thomas Cook’s collapse, is selling the assets. It is not clear how much Fosun will pay, however.
Alix Partners and Fosun have been contacted for comment.
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