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Thomas Cook acquires up market operator
Luxury operator Elegant Resorts has been bought by Thomas Cook as the group further cements its position in the independent travel sector.
The purchase price was not disclosed, although Elegant Resorts has assets worth more than £22 million and carried over 20,000 passeners last year.
Thomas Cook said the deal was funded from existing cash resources.
Elegant Resorts will be run as a standalone business retaining its current management team.
The operator was established 20 years ago by Geoff Moss and Barbara Catchpole and specialises in up market holidays to the Caribbean, Indian Ocean, Middle East and luxury European resorts.
Thomas Cook Group chief executive Manny Fontenla-Novoa said: “We
are delighted to have secured this acquisition, which allows Thomas Cook to further enhance its position in this lucrative and growing segment of the leisure travel market.
“Elegant Resorts has a very strong brand name, associated with luxury, style and bespoke holidays and fully supports our strategic aim to become a leading independent travel provider.â€
by Phil Davies
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