The world's oldest travel group is not selling its airline arm, yet.
Recent news on the Sunday Times reported that Thomas Cook Group is currently in talks of selling off its airline business in a bid to recover from near fallout in 2011. According to the report, the company already opened the table for bids from rival companies and private equity investors.
However, in a recent statement, the company downplayed the news. Instead, they reported company developments which include integration of their carriers and a possible tie up with Monarch Airlines.
They said: "We are very pleased with the development of our airlines and the integration our four airlines have achieved so far. Our Group Airlines have contributed more than GBP100 million (USD154 million) of synergies to our overall cost savings and they are working closer together than ever. We are very pleased with the development of our airlines. We have refurbished the cabins of our long-haul fleet and added long-haul aircraft to our Condor fleet in Germany and the UK. We see our airlines as an important part of our business."
In 2011, the 173-year old company founded itself under a ton of debt. Actions that the company took under the leadership of former Chief Executive Harriet Green included axing jobs and closing high-street shops.
In the first quarter of this year, the company reported dropped shares of as much as 6%. Last Friday, its shares closed at 123p compared to a low of 13p.
To date, Thomas Cook Group has 88 planes, which makes it the 11th largest airline operator in the whole of Europe. The group recently ordered an additional 25 new airbus A321s for replacement of older planes.
It might appear that things are looking better for the company that was established in 1808 but it could also mean buffing up for a potential new buyer. Only time will tell.
