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Is Hays Travel Acquiring Thomas Cook Stores a Gamble that Could Pay Off?

Press Room by Press Room
October 24, 2019
in Special Feature
Reading Time: 2min read
0
Is Hays Travel Acquiring Thomas Cook Stores a Gamble that Could Pay Off?

MUNICH, GERMANY - APRIL 17: Thomas Cook airplanes are parked at Munich Airport on April 17, 2010 in Munich, Germany. Munich Franz Josef Strauss Airport was closed due to the cloud of volcanic ash from Iceland moving across Northern Europe and will remain closed for an undetermined period. (Photo by Alexander Hassenstein/Getty Images)

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Following the news that Hays Travel is to acquire 555 Thomas Cook stores from the Official Receiver, Nick Wyatt, Head of R&A, Travel & Tourism at GlobalData, a leading data and analytics company, offers his view on the deal:

“Not many of us saw this deal coming but it is welcomed news for the high street. It is a bold move on Hays’ part, but Thomas Cook is a cherished brand with an established customer base and if Hays has negotiated well, the move may just pay off.

“Much will depend on the terms of the deal. As this is breaking news, we don’t yet know the cost of the deal, what terms can be agreed with landlords for example, but this was most certainly a buyer’s market situation so Hays should have been able to negotiate favourable terms.

“Thomas Cook’s demise was the result of a multitude of factors, but at the core was a mountain of debt that was just too costly to service. Group revenue was £9.6 billion for FY2018, so there is still demand for some of the company’s services.

“Hays should be able to operate without the millstone of debt round its neck and the publicity around the Thomas Cook collapse may even spur people to seek out Atol protected package holidays for peace of mind, which will play into Hays’ hands.

“The deal is not however, without peril. It will have to conduct a review of store locations and operations and there may be a need for a rationalization at some point, particularly in areas in which Hays already has a strong presence. Hays will also need to make sure it invests in digital trends as competitive online threats to a large store network are legion.”

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