Merged Thomas Cook/Mytravel starts trading today – UPDATED
The newly merged company of Thomas Cook and Mytravel will begin trading this morning (Tuesday).
From 0800, dealings in the ordinary shares of Thomas Cook Group plc, the holding company of the combined group, are expected to commence.
On Thursday, an announcement is due to be made to staff about the integration of the two companies.
Chairman Thomas Middelhoff told the Financial Times that the savings from £100 million in merger synergies will not be “dramatic” but reflect what he called “a reasonable strategy. We will have a continued uplift of our operation margin.”
Long term, he said the high street outlet still had a role in his group, in spite of the rapid growth in online and independent travel bookings.
“It’s not about online verses offline, or internet verses bricks and mortar. It is what the consumer is demanding,” he reportedly said.
Thomas Cook said specific specific details on location and branding strategies will be considered once the new company officially trades, but are “subject to consultation with employees in the normal way as well as final board approval”.
The two groups are looking to cut costs by at least £95 million, mainly in the UK.
According to the group´s chief executive Manny Fontenla-Novoa, the majority of cost savings will be in aviation.
He said there would be shop closures in locations where the Thomas Cook and Going Places brands double up, but not when both shops are profitable. The Going Places brand will be retained.
See earlier TravelMole stories for more details.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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