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The Chinese owner of Thomas Cook is considering selling the travel company after the rescue in 2019
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Thomas Cook’s Chinese owner is considering selling part or all of its travel business.
The 180-year-old brand was picked up by Fosun – then the largest shareholder – after it collapsed in 2019 under a huge mountain of debt.
The independent group Hays Travel bought Thomas Cook’s 555 High Street stores.
Debt: Thomas Cook was snapped up by Fosun – then the largest shareholder – after its collapse under a huge mountain of debt in 2019
Founded by billionaire Guo Guangchang, Fosun relaunched Thomas Cook as an online travel agency last year.
And in the six months to June 30, Fosun said Thomas Cook saw ‘significant growth’, with £85 million in bookings.
It is looking for an outside investor or a buyer for the entire company, Sky News reported.
Fosun is believed to be raising money to reduce its mountain of debt.
Thomas Cook went bankrupt in September 2019 after failing to secure a £200 million lifeline from bankers and the government refusing to help.
The collapse sparked Britain’s largest-ever peacetime repatriation, with the government and civil aviation authority returning more than 150,000 stranded holidaymakers home.