Thomas Cook strikes Gold

Thomas Cook has struck a £47.5m deal to buy the remaining 49.99 per cent stake in UK travel company Gold Medal from its founder, Ken Townsley. Thomas Cook acquired a 50.01 per cent holding in April for £24.9m. It hopes to make annual cost savings of £10m from integrating Gold Medal with its other businesses in the UK over time. Manny Fontenla-Novoa, chief executive of Thomas Cook, said the deal underlines the company’s commitment to strengthen its position in the growing independent travel sector.