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Cook acquires online travel add-ons firm
Monday, 11 Mar, 2010
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Thomas Cook is to acquire online travel add-ons company Essential Travel.
Essential Travel, part of Think W3, was established in 2001 as a business-to-business supplier of white label travel insurance for online travel providers.
The business also sells directly to consumers through more than 70 specialist websites under a range of different brands.
It provides travel-related products, including travel insurance, airport parking and airport hotels.
Essential Travel had gross assets of £2.5 million in the financial year ending March 31, 2009.
The business is currently owned by the management team and the acquisition will be funded from existing cash resources, Thomas Cook said.
The purchase price was not disclosed.
“The acquisition provides the group with a platform to accelerate the growth of travel-related services online,” Thomas Cook said
The acquisition is conditional on FSA approval and is expected to complete shortly.
Thomas Cook Group chief executive Manny Fontenla-Novoa said: "We continue to believe a strong position in the direct travel insurance market is strategically important.
“Furthermore, we expect that together with the experienced directors of Essential Travel, we can build upon our respective strengths to enhance Thomas Cook’s position in both travel insurance and other travel services such as airport parking and airport hotels."
by Phil Davies
Phil Davies
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