Thomas Cook brand name bought for £11million after collapse of holiday firm


 The Thomas Cook brand name has been bought by Chinese conglomerate Fosun for £11 million  Hotel brands Casa Cook and Cook’s Club have also been bought as part of the deal, along with the Thomas Cook website  Fosun had attempted to save Thomas Cook from collapse, leading a refinancing arrangement  But the deal failed when banks said the travel company needed to find more money  Fosun chairman Qian Jiannong said: “The group has always believed in the brand value of Thomas Cook  “The acquisition of the Thomas Cook brand will enable the group to expand its tourism business building on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism ”    The deal is likely to see a digital-only travel agent emerge under the Thomas Cook brand, with the new owners hoping the 178-year-old business is still highly regarded by European travellers  Fosun knows Thomas Cook well and fronted the ultimately doomed attempts to refinance the company’s debts prior to its collapse last month  The group was scuppered at the last minute when a further £200 million of investment was demanded by Thomas Cook’s lenders, and requests for the British Government to step in with a separate loan, failed  The Insolvency Service is now in charge of what remains of Thomas Cook and, with specialists at AlixPartners and KPMG, is trying to sell off any remaining assets – although just the landing slots at Gatwick airport remain  PA news agency also understands that rival travel business Tui attempted to buy the Thomas Cook brand name, with one source saying this was to “kill off” the brand  Last month, Sunderland-based Hays Travel bought the 555 Thomas Cook high street stores for £6 million, as revealed to MPs who are holding an inquiry into the collapse  This news comes after Mirror Online reported that thousands of Thomas Cook customers are still waiting on their refunds despite being promised their money back by October 14  As many as 2,000 people who paid by direct debit have yet to receive their money back, according to consumer website MoneySavingExpert  After Thomas Cook stopped trading last month, the Civil Aviation Authority (CAA) told 100,000 customers who had direct debit bookings covered by the Air Travel Organiser’s Licence (ATOL) scheme, that their refunds would be processed by the deadline automatically   But around 2% of these customers still haven’t had their money back, and will need to apply for refunds manually  The CAA said the delays are due to a variety of reasons – blaming incomplete information from Thomas Cook and amended bookings for the failures  A CAA spokesperson said: “Consumers that were expecting a direct debit refund but have not yet received one should submit a claim online as we are unable to automatically refund the small number of direct debit payments remaining due to complexities in those bookings  “If a claim has already been submitted, consumers do not need to take any further action We thank Thomas Cook customers for their patience as we undertake the UK travel industry’s largest ever refunds programme, impacting more than 800,000 people ”

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