Aug 28, 2019
Fosun is welcome to the mash-up that is Thomas Cook
The banks are also coughing up £450m. The chances of Thomas Cook, founded in 1841, retaining its place on the London Stock Exchange are slim. Thomas Cook has variously been owned by the UK state, banks and a German company. Thomas Cook's recent woes have been attributed to Brexit, hot summers, staycationing, higher fuel costs, online competition and having to sell pre-bought travel packages of flights and hotel rooms at painful discounts. Shares in Tui, Thomas Cook's stronger rival, are off a third this year after two fatal crashes grounded Boeing's 737 Max planes. Fans of smaller rival On The Beach claim the Manchester business is technologically superior to Thomas Cook and Tui, able to undercut them without the baggage of owning hotels, shops and airlines or having to pre-buy holiday packages or hedge currencies.
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