THE UK Travel industry is digesting the implications of a merger between two of the major players.
MyTravel (owners of Panorama/Airtours) and Thomas Cook (owners of Sunworld) have agreed to merge in a move which will lead to massive tour operator consolidation. The parent company of the planned enlarged group will be named Thomas Cook Group.
The merged company would combine Thomas Cook AG's 33 tour operating brands, 2,400 travel agencies, 66 aircraft and almost 20,000 staff with MyTravel's 17 brands, 31 aircraft and 13,000 staff worldwide. MyTravel handled 5.5 million holidaymakers in 2005-06 and made a profit of £88 million, while Thomas Cook AG is the second largest European travel group after TUI.
Staff will be affected by "operational restructuring" if the deal goes ahead through the combination of similar functions, according to a joint
statement. "The enlarged group will have leading positions in the UK and Ireland, Germany, Scandinavia, Benelux, France and Canada," a statement said.
"It will also benefit from a portfolio of excellent brands, an experienced management team with a proven track record and a diverse geographic spread,
which together will provide a strong platform for growth." Whilst there is no news on how this merger will effect the Northern Ireland
and Republic of Ireland market, it must and will have an impact.