Thomas Cook Group Plc (TCG.L), formed by the merger of Thomas Cook AG and MyTravel Group Plc, announced on Monday that it has acquired Elegant Resorts Ltd from its founding shareholders, Geoff Moss and Barbara Catchpole.The international leisure travel group did not revealed the transaction terms, but said that the acquisition has been funded from existing cash resources.
The U.K-based luxury travel company Elegant Resorts, founded in 1988, offers tailor-made holidays to the most luxurious hotels and resorts around the world, particularly to the exotic destinations of the Caribbean, the Indian Ocean and the Arabian Gulf, as well as European luxury resorts. Last year, Elegant Resorts carried more than 20,000 passengers and the total gross assets of the company were GBP 22.3 million.
Thomas Cook plans to operate Elegant Resorts as a standalone business with the company's current management team in place.
The Peterborough, U.K.-based company believes that the current acquisition will reinforce its position in the independent travel segment and will help it to offer customers high-value luxurious holidays under its Latitude and Thomas Cook Signature brands.
source| TTT News
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