Thomas Cook, Co-operative Group and Midlands Co-operative have announced they have formally completed the merger of their UK high street travel and foreign exchange businesses. The merger, originally announced on October 8th 2010, will create the UK’s largest multi-channel travel retailer.
Management at the new Thomas Cook and Co-operative joint venture has been finalised ahead of its official launch of October 4th. Two boards, both headed by executives from Thomas Cook, a shareholder and an operating board are all now in place.
At last some good news for beleaguered Thomas Cook, as the Competition Commission issues final approval for its proposed merger with the Co-operative Group and the Midlands Co-operative Society. It comes at a tough time for Thomas Cook, which has issued three profit warnings in the past 12 months and recently parted was with chief executive Manny Fontenla Novoa.
Ryanair has launched legal action against BAA in an attempt to recover up to £175 million in fees it believes it incurred at Stansted Airport due to the “monopolistic” position of the airport operator. Also in the UK today, the Competition Commission has confirmed the final ruling on the merger of Thomas Cook, Co-operative Group and Midlands Co-operative Society has been delayed.
After raising the ire BAA earlier in the week, the Competition Commission today had better news for the UK travel industry, provisionally giving the go ahead for the proposed merger of Thomas Cook, Co-operative Group and Midlands Co-operative Society. The deal will create the largest travel retail chain in the UK.
Virgin Holidays and the Co-operative Group have become the latest brands to pull advertising from the News of the World following the latest revelations in the phone hacking scandal. The Royal British Legion has also dropped News of the World as its campaigning partner.
Thomas Cook has confirmed it will merge its high-street store network with rival The Co-operative Group to create the largest chain in the UK. In a move designed to “strengthen the competitive position” of both chains, the new group will trade from 1,204 locations across the country.
Co-operative Travel has reported a modest profit for the first half of the year despite branding 2010 the “most challenging year” in the travel industry. The tour operator – part of the wider Co-operative Group – saw profits fall 70 per cent to just £0.4 million for the 26 weeks to July 3rd.
Co-operative Travel has called for more protection for those holidaymakers who book their flights independently rather than as part of a package deal.
Co-op Travel has signed a new car hire agreement with Carrentals.co.uk, which will see the cooptravel.co.uk website compare prices from over 35 car rental companies through a white label service.