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Thomas Cook India shares hit after UK business collapses
Thomas Cook (India) Ltd was once again forced to communicate its independence from the now collapsed UK travel giant of the same name.
Ever since UK based Thomas Cook Plc started showing signs of financial stress, the India business has been at pains to inform the media and its customers that it is a separate entity and in no way affected.
It has been separate since 2012 when Thomas Cook (India) Ltd was acquired by Canada based Fairfax Financial Holdings, after a Thomas Cook UK sold a 77% stake.
According to the Indian company’s chairman and managing director Madhavan Menon, that deal gave it the right to use the Thomas Cook brand name until 2024.
However, Menon told Business Today it could ditch the name ealier than planned due to the negativity swirling around the one-time parent company right now.
"As per the original agreement we lose use of the brand name at the end of 2024. We have a detailed transition plan in place, which is ready for execution" he said.
"It’s important to wait and see how this pans out. We will do a detailed review over the next couple of weeks and decide what we want to do."
In the past few days Thomas Cook (India) has been on a communication blitz firing out media statements to ensure customers are fully aware the Indian company is not in financial trouble, however it still led to a decline in its share price.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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