View Full Version : Thomas Cook Buyout

24th Feb 2004, 02:26
The Sunday Times - Business

February 22, 2004

Tour operator set for buyout

THOMAS COOK, the German holiday company whose British arm is the UK’s third-biggest tour operator, is set to be broken up by its co-owners, Lufthansa and the retailer Karstadt Quelle, writes Dominic O’Connell.
Leisure-industry sources say that a plan for sell-offs is being drawn up by a new management team brought in after Stephan Pichler, the company’s chief executive, was sacked in November.

Pichler left after announcing losses of £245m. He was replaced by Wolfgang Beeser.

Any break-up may lead to a management buyout at Thomas Cook UK, which runs mass-market holidays to Mediterranean sunspots. This follows preliminary contact between Thomas Cook UK’s management, led by chief executive Manny Fontenla-Novoa, and venture-capital firms including Cinven.

While Thomas Cook’s other European operations go on making heavy losses, the UK division is understood to have made a profit of about £30m in the last year.


24th Feb 2004, 04:32
Another change of name ? Call sign confusion must be a way of life for those Globe Colours chaps.

24th Feb 2004, 19:24
i agree arnt they fed up of constantly buying out selling, merging, re-branding and re-painting, it must cost them a fortune thats why these airlines are in debt. its been 2mins since thomas cook was JMC what next?? there must be a small group of people out there making alot of money from these constant changes!!:suspect:

24th Feb 2004, 21:58
Seen as the name is owned by the UK arm I dont see that the UK business would need to re-brand.