Thomas Cook Buyout
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Thomas Cook Buyout
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.
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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.
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Join Date: Apr 2003
Location: england
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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!!
