Thomas Cook Gains Online Travel Add-ons Company
Holiday operator Thomas Cook is all set to acquire online company Essential Travel, part of Think W3, which specialises in travel insurance.
The firm was originally set up in 2001 as a business to business supplier of white label travel insurance for travel and holiday websites.
However, the company also sells travel insurance directly to holiday consumers, using 70 specialist websites under a range of various brands. Its travel-related products include, not only travel insurance, but airport parking and airport hotels.
Essential Travel is a good acquisition for Thomas Cook with its gross assets reported at £2.5 million in the financial year ending 31 March 2009, according to a report in TravelMole.
A statement from Thomas Cook said that the acquisition of Essential Travel will be funded from existing cash resources and that the company is currently owned by the management team. However, there were no details regarding the purchase price.
Thomas Cook said in its statement: “The business is currently owned by the management team and the acquisition will be funded from existing cash resources.”
The company went on to say that it expects that, with the help and support of the experienced directors of Essential Travel, and building on the two company’s respective strengths, it will grow and enhance its position in both travel insurance and other travel services such as airport parking and airport hotels.
Chief Executive of the Thomas Cook Group Manny Fontenla-Novoa said: “We continue to believe a strong position in the direct travel insurance market is strategically important.”
Travel Industry news posted by Marilyn on 10 March 2010
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