Thomas Cook pays £22m for Hotels4U
Friday 15 February 2008
Thomas Cook has snapped up hotel booking website Hotels4U.com for £21.8m.
Hotels4U's managing director Haim Perry, who founded the company in 2003, will stay on after agreeing to reinvest some of the sale proceeds.
Hotels4U.com supplies accommodation to the British travel industry and acts as an online booking agent for hotels, apartments and villas. "As a business we now have access to the international markets that Thomas Cook is present in, and therefore the opportunity for further growth," Mr Perry said.
The news came as Thomas Cook reported encouraging levels of demand, with no signs that that consumers were cutting back on foreign trips. Despite the economic downturn, the tour operator said European holidaymakers continued to place a high priority on overseas travel.
Thomas Cook, which merged with MyTravel last year, said cost savings from the deal and improved margins meant its operating losses for the two months to the end of December fell by 27 per cent to €106.8m (£79.4m). The enlarged company has closed 144 shops in the UK, leaving an estate of 812 – mostly Thomas Cook – stores. The company has established its UK headquarters in Peterborough after a number of regional offices were closed.
- 1 Tourist films plane's descent just metres above packed Caribbean beach
- 2 Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
- 3 World Book Day: Boy 'excluded' from school after dressing up as Fifty Shades' Christian Grey
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 GamerGate: developer Tim Schafer provokes rage with joke about online gaming activists at industry awards
Tourist films plane's descent just metres above packed Caribbean beach
Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
Isis 'bulldozes' Nimrud: UNESCO condemns destruction of ancient Assyrian site as a 'war crime'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Westboro Baptist Church couldn't picket Leonard Nimoy's funeral because they didn't know where it was
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Elif Shafak: Turkish author warns against rise of British nationalism
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
iJobs Money & Business
£13000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£12 - £15 Hourly Rate: Jemma Gent: In this role you will report to the Head of...
£8 per hour: Recruitment Genius: This Pension Specialist was established early...