The Thomas Cook brand will live on, it was confirmed today, as Hong Kong-listed Fosun Tourism Group announced they had bought the brand for £11m.
The move, which was widely expected, will see Fosun also acquire subsidiary brands such as boutique hotel chain Casa Cook and beach hotel concept Cook’s Club.
Read more: Fosun set to buy up Thomas Cook name
It will also secure intellectual property assets such as trademarks, domain names and software applications.
Fosun Tourism, which is part of Chinese investment conglomerate, already owns competitor brand Club Med and was one of several companies which had already contributed £900m to the 178-year-old travel firm.
Last night the Financial Times revealed that Fosun had pulled ahead of rival firm Tui in the race to acquire the holiday provider’s assets.
The deal will allow Fosun create an online travel agent using the Thomas Cook name, which still has considerable reach.
Mr. Qian Jiannong, Chairman of Fosun Tourism Group, said, “The Group has always believed in the brand value of Thomas Cook.
“The acquisition of the brand will enable the Group to expand its tourism business building on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism.”
The high street stalwart suffered a high-profile collapse in September, leaving 140,000 holidaymakers stranded abroad.
Main image credit: Getty