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Fosun snatches up Thomas Cook brand assets

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SINGAPORE, 5 November 2019: The Thomas Cook brand, arguably the oldest in the world, goes to the Chinese group Fosun for UKP11 million.

Thomas Cook Group declared insolvency in September and now according to numerous reports in the UK media Fosun, the group’s largest single shareholder prior to Thomas Cook going bust has purchased the brand along with Casa Cook and Cook’s Club Hotels.

The 178-year old Thomas Cook trade name has been saved from obscurity after the Chinese owner of Club Med said it would buy the brand for UKP11 million.

The purchase gives the Chinese group all brand assets including the trademark, domain names, software apps, social media accounts and trade licenses in the UK.

Owner of the Club Med group of resorts, Fosun’s chairman, Qian Jiannong, told the BBC the company “always believed in the brand value of Thomas Cook”.

He said: “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.”

Prior to Thoma Cook declaring bankruptcy Fosun had pledged to inject UKP450m into the company as part of a UKP900m rescue deal with bondholders and banks. The plan collapsed after banks demanded an extra UKP200m.

Last month, UK-based Hays Travel stepped in to buy 555 Thomas Cook High Street travel shops providing jobs for around 2,500 former Thomas Cook staff. The BBC said the Hays Travel, a family-run travel business paid UKP6 million for the chain of shops. Thomas Cook at the time it declared bankruptcy employed 21,000 staff.

Forsun Tourism Group says it will ensure the Thomas Cook brand survives but in its latest reincarnation it will assume the role of an online travel provider target consumers.

Fosun International Limited is a Chinese international conglomerate and investment company. Founded in 1992 by five Chinese university graduates including Guo Guangchang, who remains chairman, the company is headquartered in Shanghai and was incorporated in Hong Kong in 2004. The company is located in 16 countries and ranked 416th on the Forbes Global 2000 ranking. Its portfolio includes investments in mining, high technology pharmaceuticals, insurance and entertainment (Club Med and the UK football club Wolverhampton Wanderers).

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