Opening Quote: Thomas Cook looks past ’70s flashbacks; Irn Bru fizzes; CMA

Its trading update said overall summer bookings were in line with our expectations, up 11 per cent year on year with average prices 1 per cent higher, meaning the summer 2017 programme is now 91 per cent sold - 2 per cent ahead of this time last year. Doubtless Thomas Cook would rather focus on more positive technological developments, such as its deal with US travel website Expedia, to enable 60,000 third-party hotels to be booked online. Today, the group announced another partnership to extend this strategy: a partnership with LMEY Investments, a Swiss-based hotel property development company, to develop and grow the Thomas Cook own-brand hotel portfolio. Under the arrangement, Thomas Cook has acquired from LMEY a 42 per cent stake in Aldiana, a premium club and activity-focused tour operator based in Germany. Thomas Cook and LMEY will create a joint hotel investment platform, contributing a minimum of five owned and directly-managed hotel properties between them.

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