| Type | Public (LSE: TCG) |
|---|---|
| Industry | Travel |
| Founded | 2007 |
| Headquarters | Peterborough, England, UK |
| Key people | Michael Beckett (Chairman) Sam Weihagen (Interim CEO) Paul Hollingworth (CFO) |
| Products | Package holidays |
| Revenue | £8.890 billion (2010)[1] |
| Operating income | £362.2 million (2010)[1] |
| Net income | £22.8 million (2010)[1] |
| Employees | 31,000 (2010)[2] |
| Website | www.thomascookgroup.com |
Thomas Cook Group plc is a British online/offline travel company created on 19 June, 2007 by the merger of Thomas Cook AG and MyTravel Group plc. At flotation on the London Stock Exchange 52% of the shares in the new company were held by the German mail order and department store corporation Arcandor (former owners of Thomas Cook AG) and 48% owned by the shareholders of MyTravel. On 9 June 2009 Arcandor filed for bankruptcy.[3] The merger, which was backed by 99.9% of shareholders, took place through the formation of 'NewCo' which effectively purchased MyTravel and Thomas Cook and was then listed on the London Stock Exchange under the name of Thomas Cook Group plc (LSE: TCG).[4] It is a constituent of the FTSE SmallCap Index.
It was announced on 8 October 2010 that the travel agency and foreign exchange businesses of the Thomas Cook Group were to merge with The Co-operative Travel to create the UK's largest travel network.[5]
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The company was founded by Thomas Cook, a cabinet-maker, in 1841 to carry temperance supporters by railway between the cities of Leicester, Nottingham, Derby and Birmingham.[6]
In 1851, the founder arranged transport to the Great Exhibition of 1851.[6] He organised his first tours to Europe in 1855 and to the United States in 1865.[6] In 1865, the founder's son John Mason Cook began working for the company full time. In 1871, he became a partner, and the name of the company was changed to Thomas Cook and Son.[7]
In 1884, John Mason Cook attempted to relieve General Gordon from Khartoum.[6]
In 1924, the company was renamed to Thomas Cook & Son Ltd., after acquiring a limited liability status.[7] In 1928, the business was sold to the Compagnie Internationale des Wagons-Lits et des Grandes Express Européens, operator of the Orient Express. In 1948, it was acquired by Britain's mainline railway companies.[6] It was then bought by a consortium of Midland Bank, Trusthouse Forte and the Automobile Association in 1972 and by WestLB in 1995.[6] In 1999, it merged with Carlson Leisure.[6]
In 2000, the company sold off its worldwide foreign exchange business to Travelex to concentrate on tours and holidays.[8]
After the market depression, particularly following the 2001 September 11 attacks, the company started a disinvestment programme, disposing of subsidiaries and business ventures.
In 2002, the company was acquired by C&N Touristic AG, a German group, who in turn changed its own name to Thomas Cook AG.[9]
On 21 December 2005, Thomas Cook AG sold off Thomas Cook International Markets, a venture which includes 60% of the stake in Thomas Cook India Ltd to Dubai Financial LLC, a part of the Dubai Investment Group (DIG) which manages the financial and real estate interests of HH Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai.[10]
Then in 2006 Dubai Financial LLC acquired a license to use the Thomas Cook name in the Middle East.[11] Thomas Cook Middle East consists of the Middle East region, which has experienced a boom in travel and tourism, especially in places like Dubai, Qatar, Oman and so on.
Also in 2006 Thomas Cook Canada was sold to Transat A.T. marking Thomas Cook's exit from the North American market.[12]
In 2006, Thomas Cook AG became wholly owned by KarstadtQuelle.[13]
In July 2010, Thomas Cook Group bought German tourism company Öger Tours, which was owned by Vural Öger.
On 22 November 2011, Thomas Cook shares lost about three quarters of their value on the London Stock Exchange after the company announced it was in talks with its banks about increasing borrowing by some £100 million but the shares recovered somewhat the following day. There were also reports that the company was planning to close 200 of its 1,200 travel agencies and foreign exchange offices.[14]
The company was founded by David Crossland in 1972 when he purchased a series of small travel agencies in Lancashire, United Kingdom.[15] The company began operating package holidays and launched its own in-house charter airline operating under the Airtours brand in the early 1980s.
In 1996, Airtours purchased Scandinavian Leisure Group (SLG) including award winning tour operators such as Ving and airline Premiair.[16]
In the late 1990s, Airtours formed the North American Leisure Group, which operated several airlines and cruise lines from its offices in Canada and California, including Sunquest Air, Sunquest West and several others.[17]
In 2002, Airtours Group PLC rebranded under the new company-wide banner of MyTravel Group PLC.[18] This included a name change for Airtours International and Premiair to MyTravel Airways. Shops throughout Northern Europe were rebranded to MyTravel however UK retail outlets remained under the banner of Going Places.
The company ran into financial difficulties in 2004 and needed to implement a debt-for-equity swap in order to restore its profitability.[19]
The merger between Thomas Cook and MyTravel was completed in June 2007.[4]
On 6 March 2008, the company bought back its licence to operate the Thomas Cook Brand in the Middle East and Asia from The Dubai Investment Group for an amount estimated to be around 249 million euros.[20]
In April 2008 Thomas Cook bought the luxury travel firm Elegant Resorts for an undisclosed sum. Elegant Resorts was sold by the founders Geoff Moss and Barbara Catchpole.[21]
The company took over Preston-based Gold Medal International, owner of NetFlights, in a deal worth £87 million in December 2008.[22]
On 8 March 2009 Thomas Cook signed a deal with Octopus Media Technology to host, upload, and provide an online video player for Thomas Cook TV.[23]
In Spring 2009 Thomas Cook UK signed a deal with International Entertainment Supplier The E3 Group, to exclusively supply entertainment to the group.[24]
It was announced on 8 October 2010 that Thomas Cook Group was to merge with The Co-operative Travel to create the UK's largest travel network. The deal will see the new network 70%-owned by Thomas Cook and 30%-owned by Co-operative Travel.[25]
The new Thomas Cook Group PLC has seven Core Consumer Brands including Thomas Cook, Sunset, Airtours, Neckermann, Condor Airlines, Ving, Direct Holidays and My Sunquest.
The company operates in five main divisions, UK, Northern Europe, North America, continental Europe, and German Airlines.[26]
With a joint fleet, at merger, of 97 aircraft, 2,926 stores, 32,722 employees, and over 19.1 million annual customers, the new group became the second largest travel company in Europe and the UK, behind TUI Travel,[27] and the largest in the Scandinavian, French, Dutch, German and North American markets.
Thomas Cook is a main sponsor of Manchester City and Peterborough United football clubs. On 22May 2009, Manchester City announced that the six-year partnership with Thomas Cook would conclude at the end of the 2008/09 Premier League Season.
Thomas Cook has become a sponsor of the London 2012 Olympics. As one of the UK's biggest and most popular providers of package holidays, Thomas Cook has been appointed to provide "affordable and accessible" holidays and accommodation throughout the games. Thomas Cook's CEO commented: "More than a century after Thomas Cook escorted British travellers to the first modern Olympic Games in Athens in 1896, it is a privilege to once again have the chance to give British families and sports fans the opportunity to experience such a rare and special event in their own country".
Thomas Cook plc's 5 major shareholders as of August 2011.
Lloyds Banking Group - 9%, Blackrock Inc - 4.99%, AXA SA - 4.8%, Massachusetts Financial Services Company - 4.65%, Standard Life Investments - 4.14%
The remainder of the stock floats freely.[28]
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