The newly merged company of Thomas Cook and MyTravel began trading this morning as dealings in the shares of Thomas Cook Group plc (the holding company of the overall group). An announcement is expected on Thursday concerning the integration of the two companies.
Chairman Thomas Middelhoff said the high street outlets still had a role in the group, despite the growth of online bookings. "It's not about online verses offline, or internet verses bricks and mortar. It is what the consumer is demanding."
Thomas Cook holidays have claimed that company strategy will be considered once the new company officially trades. The two groups are anticipating cost reductions of at least £95 million, mostly in the UK. Manny Fontenla-Novoa, Chief Executive of the group said the majority of cost savings will be in the aviation sector and that shop closures would occur in locations where the Thomas Cook and Going Places brands double up, but not however, if both shops are profitable. The Going Places brand is to be retained.
