Thomas Cook: Sold by Cutting to 11 Buyers, Half of the 685 Employees Taken Over

Thomas Cook: The French subsidiary sold by cutting to 11 buyers, half of the 685 employees taken over.

Thomas Cook France has been sold to 11 buyers, who will take over 149 travel agencies out of the 174 involved in the bankruptcy, the tour operator announced Thursday, stating that half of the 685 employees would be resumed.

A total of 18 offers, all partial, had been filed concerning the French subsidiary of the British giant Thomas Cook, which went bankrupt at the end of September. Thomas Cook currently employs 685 employees on permanent contracts and owns 174 travel agencies in its own right – not counting 247 other franchised outlets that were not involved in the bankruptcy proceedings initiated in October.

A consortium of six companies, the main buyer
“In order to save and sustain a maximum of jobs, the court ruled in favor of the takeover by various buyers of 149 agencies, and a part of the activity + groups + for 25 employees, a total of 347 positions resumed, “said the tour operator. “Despite all the efforts made by the court administrators and the management, 25 agencies and most of the employees attached to the head office are not taken over. In total, 347 employees are taken over, “details Thomas Cook France.

It specifies that “a last Central Works Council (CCE) with the representative bodies of staff is scheduled Friday, for consultation on the project of collective dismissal for economic reasons of employees not taken”. The main buyer is a consortium of initially six companies – Havas Voyages (Marietton group), Salaün Holidays, Karavel / Promovacances, Vacon, Sainte-Claire and Esprit de Voyage – which were joined by three other actors as part of an offer improved. Together, they will recover 141 points of sale.

More than 55 million euros in losses in two years
“We built the biggest offer in terms of staff turnover. We are satisfied, “commented Alain de Mendonça, president of the group Karavel / Promovacances, which owns the brands Fram and Promovacances. On its own, its company takes over “about fifteen agencies” in geographical areas where it was not present, as well as the “group” business, mainly sales to works councils.

At the end of September 2019, Thomas Cook France claimed a turnover (“gross consolidated”) of 750 million euros, ranging between 380 million for its distribution network and 370 million for its activity as a tour operator via the brand Jet Tours. But according to its accounts filed with the registry, the French subsidiary also chases for years net losses: 26 million for the year ended September 2018, 30 million in 2017, 21 million in 2016.