Hays Travel acquires Thomas Cook’s UK retail stores

Hays Travel acquires Thomas Cook’s UK retail stores

Thomas Cook

Hays Travel agreed on Wednesday to acquire 555 Thomas Cook (LON:TCG) stores around Britain.

Indeed, the collapsed travel company’s entire UK retail estate will be purchased by Hays Travel.

The country’s largest independent travel agent will also provide re-employment opportunities to a “significant number” of Thomas Cook’s retail workers.

News emerged at the end of September that the British global travel group, Thomas Cook, had collapsed, leaving thousands of British holiday makers stranded abroad.

Many took to Twitter to share their thoughts to customers stranded abroad and Thomas Cook staff.

The Civil Aviation Authority said that it will launch a new process for what is set to be the largest ever ATOL refund programme for Thomas Cook customers.

Hays Travel said in a statement that up to 2,500 jobs at the collapsed travel company could be saved as a result of the deal.

“This is an extremely positive outcome, and we are delighted to have secured this agreement,” Jim Tucker, Partner at KPMG and Joint Special Manager of Thomas Cook’s Retail division, commented on the deal.

“It provides re-employment opportunities for a significant number of former Thomas Cook employees, and secures the future of retail sites up and down the UK high street,” Jim Tucker continued.

“We are pleased to have achieved this in a short time frame and in the context of a complex liquidation process, which is testament to a lot of hard work from a number of parties.”

“Over the weeks ahead, we will work closely with Hays Travel and landlords to ensure a smooth transition of the store estate.”

David Chapman, Official Receiver, added that “I am pleased to announce we have reached an agreement with Hays Travel to acquire Thomas Cook’s entire UK retail estate, comprising 555 stores across the country”.

“This represents an important step in the liquidation process, as we seek to realise the company’s assets.”