New future for failed Thomas Cook

Failed travel firm Thomas Cook could be back soon as an online-only travel agent after the brand name was bought by former shareholder Fosun.

The news comes a little over a month after the holiday giant’s collapse, which sparked the biggest repatriation since World War II.

Fosun, the Chinese company that held a major stake in the collapsed travel firm, has announced it has purchased the Thomas Cook name for £11m ($A20 million).

The company purchased the rights to use the name from Thomas Cook’s liquidators and can now use it and its website to market holidays.

However, it’s not clear when Thomas Cook will come back online, as the firm is expected to become an online-only travel agent.

Fosun, a Chinese company, has purchased the Thomas Cook name for $20 million.Source:Supplied

The deal also includes the collapsed travel firm’s own-brand hotels Casa Cook and Cook’s Club, some of which only opened earlier this year.

Qian Jiannong, chairman of Fosun tourism group, said: “The group has always believed in the brand value of Thomas Cook.

“The acquisition of the Thomas Cook brand will enable the group to expand its tourism business building on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism.”

Fosun knows the Thomas Cook brand well having had a stake in the company, and it fronted the ultimately doomed attempts to refinance the company’s debts prior to its collapse last month.

The group was scuppered at the last minute when a further £200 million ($A374.4 million) of investment was demanded by Thomas Cook’s lenders, and requests for the British Government to step in with a separate loan failed.

Thomas Cook collapsed earlier this year. Picture: Christopher Furlong/Getty ImagesSource:Getty Images

The Insolvency Service is now in charge of what remains of Thomas Cook and, with specialists at AlixPartners and KPMG, is trying to sell off any remaining assets – although just the landing slots at Gatwick Airport remain.

Fosun wasn’t the only company that’s interested in Thomas Cook’s website.

Tui is also said to have submitted a bid but was turned down according to Travel Weekly.

Thomas Cook collapsed on September 23 after the firm failed to secure a rescue deal.

It left hundreds of thousands of Brits stranded abroad, with some being kicked out of their holiday hotels.

Those waiting for refunds have been told they may have to wait up to two months, while the prices of holidays soared shortly after.

This article originally appeared on The Sun and was reproduced with permission

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