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Union seeks urgent talks with Thomas Cook over job security
Union bosses are seeking an urgent meeting with Thomas Cook following confirmation that Chinese conglomerate Fosun is to become its majority shareholder.
Thomas Cook yesterday confirmed a rescue deal which will see Fosun Tourism Group, which already owns Club Med, take control of the business.
Fosun is injecting £450 million in exchange for at least 75% of equity in Thomas Cook’s tour op and up to 25% in the airline.
Core lending banks and bondholders will put another £450 million for 75% of the airline and up to 25% of the tour operator business.
The deal is subject to approvals and conditions.
Manuel Cortes, leader of Britain and Ireland travel trade union TSSA, said it welcomed the news.
"This appears to be good news for our members as Thomas Cook’s presence on our high-streets looks to have been saved," he said.
"Of course, our main concern is ensuring that our members jobs and their terms and conditions are protected. We are therefore seeking an urgent meeting with Thomas Cook to gain the assurances our members need."
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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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