Former Thomas Cook boss buys OHG assets
Former Thomas Cook boss Manny Fontenla-Novoa has snapped up the assets of defunct bed bank OHG Accommodation.
He plans to launch his own business-to-business bed bank in the UK next week, to be called Magic Rooms.
Letters are being sent to all travel agents and hoteliers who previously dealt with OHG today.
The venture will mark Fontenla-Novoa’s first return to the travel industry since he left Thomas Cook in 2011 following a series of profit warnings.
He told newspapers this week that he will own 100% of Magic Rooms, which will be run by OHG former sales director Brian Young who takes up the role of managing director.
Fontenla-Novoa said he had bought OHG’s data and computer systems from the recievers to be able to set up the business faster than if he had launched the venture from scratch.
The company will be based in Crawley and Manchester in the former OHG offices. About 15 of OHG’s staff are expected to be employed by Magic Rooms.
OHG Accommodation sank in March with debts of £7 million. Former chief executive Steve Endacott blamed a decision by HM Revenue & Customs to withhold £4.5million until the outcome of its long-running legal battle with Med Hotels, which would determine whether bed banks should pay VAT, for its demise.
Although MedHotel’s victory in the Supreme Court came too late to save OHG, Endacott said at the time that it had left bed banks in a stronger position.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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