Fosun, which owns Wolverhampton Wanderers and Club Med, will pay £11 million to use the Thomas Cook name and website, along with hotel brands Casa Cook and Cook’s Club. Thomas Cook acquisition

Millions of well-heeled Chinese tourists now visit Europe, and Fosun is hoping to take a greater share of the market. 

Chairman Qian Jiannong said: “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.

“After the acquisition of certain Thomas Cook related brands, the overseas acquisition related to Thomas Cook will come to an end for the time being. Following the acquisition, the Group will focus on business expansion, using the newly acquired Thomas Cook brands to create synergies with the existing businesses of the Group.”

Fosun, Thomas Cook’s largest shareholder, had agreed to pump £450 million into Thomas Cook as part of a £900 million rescue deal.

The deal is likely to see a digital-only travel agent emerge under the Thomas Cook name and 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.

Thomas Cook went into liquidation on September 23. 

As already mentioned, Fosun is a Chinese conglomerate that has invested in several travel companies and services. Here are some examples:

1. Club Med: Fosun acquired a controlling stake in Club Med, a French resort company, in 2015. Club Med offers all-inclusive holiday packages in various destinations around the world.
2. Thomas Cook: Fosun acquired the brand name and related trademarks of Thomas Cook, a British travel company, in 2019. Fosun plans to use the Thomas Cook brand to build a global tourism business.
3. Atlantis Sanya: Fosun owns Atlantis Sanya, a luxury resort in Sanya, China. The resort features various attractions, including a water park, aquarium, and dolphin encounter.
4. Cirque du Soleil: Fosun acquired a majority stake in Cirque du Soleil, a Canadian entertainment company, in 2015. Cirque du Soleil is known for its acrobatic performances and has shown in various locations around the world.
5. Wolverhampton Wanderers Football Club: Fosun acquired Wolverhampton Wanderers Football Club, a professional football club in England, in 2016. Fosun has invested in the club’s infrastructure and has helped it achieve success in the English Premier League.

Overall, Fosun has invested in several travel companies and services, ranging from resorts to entertainment and sports. These investments reflect Fosun’s interest in building a global tourism business and providing high-quality travel experiences to customers.

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