Thomas Cook hits back after rumours over Chinese owner selling its stake
Thomas Cook has pushed back against reports that its Chinese owner Fosun Tourism Group was looking to sell its stake in the company.
“Fosun Tourism Group has no plans to sell Thomas Cook,” a Thomas Cook spokesperson told City PM
Sources today told Sky News’ Mark Kleinman that the Chinese powerhouse was contemplating either raising capital from external investors or selling the business directly.
Fosun acquired Thomas Cook’s name and intellectual assets for £11m in November 2019, two months after the debt-stricken travel group collapsed in September 2019 as it failed to raise the £1.1bn it needed to guarantee its survival.
The new business – built by a small group of former employees – launched in September 2020 and has since boomed, as Thomas Cook’s revenue went up 340 per cent year-on-year.
In the first half of 2022, Thomas Cook reported a 570 per cent increase in business volumes, with more than 42,000 bookings.
The news comes as the Chinese conglomerate is allegedly eyeing the sale of French all-inclusive holiday provider ClubMed.
The rumours were denied by the French company, which deemed them “irrelevant.”
“Fosun has decided to focus on its consumer family-oriented business and to reinforce its financial structure by disposing of 7b€ to 11b€ of non-core assets,” a spokesperson said.
“In this process, the group considers its core assets to be pharmaceutical, retail and tourism arms as well as insurance sector.
“Fosun intends to remain a strong actor in tourism with Fosun Tourism Group and its successful investment in Club Med remains an essential part of this.”