The Thomas Cook Group has announced that it intends to take 100% control of its UK retail network, following the conclusion of its joint venture, established in 2011, with retailer The Co-operative Group and Central England Co-operative (formerly The Midlands Co-operative).
In line with the joint venture agreement, Thomas Cook will purchase The Co-operative Group's 30% stake and Central England Co-operative's 3.5% stake for £50 million and £5.8 million, respectively - in cash.The transactions are expected to be completed around November 2017.
Thomas Cook Group CEO, Peter Fankhauser said: "Our relationship with the Co-op has given us a strong presence on the high street and fantastic colleagues across the UK, both of which are so important in attracting and inspiring our customers. This purchase gives us full control over our retail store network, enabling us to better integrate our stores with our online offering, while also helping us to focus on growing sales of added extras such as holiday-related financial services."
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