Dec 03, 2019 (LBO) – India’s leading integrated travel and travel-related financial services company, Thomas Cook India today announced it has signed an agreement with AlixPartners, Thomas Cook UK’s appointed Special Managers, to acquire the rights to the Thomas Cook brand in India, Sri Lanka and Mauritius for a one-time payment of GBP 1.5 Million.
Thomas Cook India Limited (TCIL) has operated the Thomas Cook brand name uninterrupted in India since 1881.
In 2012 when TCIL was acquired by Fairfax Financial Holdings of Canada, TCIL had entered into a Brand Licence Agreement with Thomas Cook Group UK for the exclusive use of the brand name until 2024 across India, Sri Lanka, and Mauritius.
The brand license agreement also gave TCIL the right of first refusal to acquire the brand in the event of the Thomas Cook UK Group going into liquidation before 2024.
“So when this very attractive investment opportunity of complete ownership of the brand name across these markets, for a one-time payment of Rs. 139 Million came up, it truly was an opportunity we had to grab,” Madhavan Menon, Chairman of Thomas Cook India said.
“Our teams now look forward to continue to build on the glorious heritage of Thomas Cook across India, Sri Lanka and Mauritius – to grow sustainable value for all our stakeholders in the years ahead.”