Thomas Cook India Claims No Impact Due to Thomas Cook PLC Collapse in the UK & Europe
After the recent downfall of Thomas Cook PLC, the Indian company Thomas Cook Group (TCIL) claims that it is a completely different entity since August 2012 as it was acquired by Canada based multinational Fairfax Financial Holdings.
Ever since the transfer of its entire stake in TCIL to Fairfax, the only common element is the usage of the brand name for which TCIL holds an exclusive brand license covering the regions of India, Sri Lanka and Mauritius until 2024.
Commenting on this, Madhavan Menon, Chairman & MD, Thomas Cook (India), states, “In light of media reports regarding the collapse of Thomas Cook PLC in the UK and Europe, it is important to reiterate that it is business as usual for Thomas Cook India which is a completely independent entity, acquired by Canada based Fairfax Financial Holdings in August 2012 from Thomas Cook PLC in the UK. The collapse of the Thomas Cook Group in the UK and Europe has no impact whatsoever in terms of ownership, business, people, technology or processes to Thomas Cook India”.
However, India’s leading S&P Company, CRISIL’s credit bulletin reflects that Thomas Cook India remains unaffected from the bankruptcy of Thomas Cook in the UK and Europe. In addition, the last seven years have been fruitful for Thomas Cook as it grows and builds a legacy as an independent entity with presence over 29 countries across five continents.