Thomas Cook UK has no stake in Indian namesake

A TOUR operator in India has been temporarily hit by the collapse of Thomas Cook UK.

The Indian namesake company, Thomas Cook (India), has clarified that the two businesses are not related.

Thomas Cook (India) said in statement : “With the recent developments relating to the iconic British Travel Company, Thomas Cook PLC, being reported in the media, it is imperative to highlight that Thomas Cook India Group is a completely different entity since August 2012 when it was acquired by Fairfax Financial Holdings (Fairfax), a Canada-based multinational.”

Following the transfer of its entire stake in Thomas Cook (India) to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India).

“The last seven years have been fruitful as we continue to grow and build our legacy as an independent entity after Fairfax Financial Holdings acquired a 77 per cent stake in Thomas Cook India Ltd. (TCIL) in 2012,” the company added.

Thomas Cook (India) is financially strong, profitable, and maintains a positive outlook in the travel and tourism sector and continues to witness strong growth.

The Thomas Cook (India) Group’s cash and bank deposits balances stand at £157.46m, as of June 30, 2019.

This has been made possible by using stable and strong cash flows that the Thomas Cook India Group is generating year over year.

Thomas Cook (India) witnessed a 21 per cent growth in demand for the Durga Puja festive season, from travellers in West Bengal and surrounding source markets.

Meanwhile, the British travel firm Thomas Cook on Monday (23) declared bankruptcy after failing to reach a last-ditch rescue agreement.

The 178-year-old tour operator was desperately seeking £200 million from private investors to prevent the collapse of the business.

The business had witnesses furious online competition for some time amid Brexit uncertainty and a recent drop in bookings.

The news leaves some 600,000 tourists stranded worldwide according to Thomas Cook.