Elegant Resorts Ltd
Thomas Cook Group acquires leading luxury travel company.
Thomas Cook Group plc (“Thomas Cook”) has announced today, 7 April 2008, that it has acquired the number one UK-based luxury travel company Elegant Resorts Ltd from its founding shareholders, Geoff Moss and Barbara Catchpole. The acquisition has been funded from existing cash resources.
Founded in 1988, Elegant Resorts is the UK’s market leader in this niche segment of the market and has a strong record of operational and profit delivery offering tailor-made holidays to the most luxurious hotels and resorts around the world, with a particular strength in the exotic destinations of the Caribbean, the Indian Ocean and Arabian Gulf as well as European luxury resorts.
This acquisition fully supports the Group’s strategy to strengthen its position in the independent travel segment and builds on Thomas Cook’s current expertise in offering customers high-value luxurious holidays under its Latitude and Thomas Cook Signature brands.
Under its ownership, Thomas Cook intends to operate Elegant Resorts as a standalone business with the company’s current management team in place.
Quote from Manny Fontenla-Novoa, Group Chief Executive, Thomas Cook Group plc:
„We are delighted to have secured this acquisition, which allows Thomas Cook to further enhance its position in this lucrative and growing segment of the leisure travel market. Elegant Resorts has a very strong brand name, associated with luxury, style and bespoke holidays and fully supports our strategic aim to become a leading independent travel provider“.