Skip to content 
Search

Latest Stories

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.

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less