TC gets approval for Gold Medal purchase
Thomas Cook Group has received competition clearance from the European Commission for its acquisition of Gold Medal International.
The deal, originally announced in December, will see Thomas Cook pay an initial £24.9 million for a half share of the business.
The balance will be paid through an option mechanism with payment tied to financial performance.
In addition Thomas Cook will contribute its Flight Savers scheduled flights business to Gold Medal.
The deal has been made with Gold Medal founder and sole shareholder Ken Townsley.
The company’s brands include Gold Medal, which sells through independent travel agencies, Netflights.com, which sells directly to consumers, and luxury operator Pure Luxury.
Thomas Cook said it is intended that the combined Gold Medal and Flight Savers business will operate as a standalone entity.
It claims savings of more than £4 million a year will be generated as a result of cost efficiencies and better distribution.
Gold Medal management will report to Thomas Cook’s Ian Derbyshire, CEO of independent travel for UK and Ireland.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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