Thomas Cook (India) Ltd., India’s leading integrated travel and travel related financial services company, announced that it has signed an agreement with Alix Partners, 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.
TCIL was previously contracted to pay an annual brand licence fee of Rs. 20 Million to TCUK until 2024 for usage of the brand.
Thomas Cook (India) Limited 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 Thomas Cook UK Group going into liquidation before 2024.
In addition to Thomas Cook, the Thomas Cook India Group operates leading B2C and B2B travel brands.
Following Thomas Cook UK’s sale of its entire stake in Thomas Cook India to Fairfax Financial Holdings in 2012, the Thomas Cook India Group has embarked on a significant growth and expansion strategy. Today, the Thomas Cook India Group is one of the largest travel service provider networks, headquartered in the Asia-Pacific region - spanning 29 countries and 5 continents, a team of over 9,700 and a combined revenue in excess of Rs. 6718.7 Cr. (over $ 0.96 Bn.) for the financial year ended March 31, 2019.
Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd, said, “The brand is one of the most respected names in the travel services space and one that we at Thomas Cook India, have operated uninterrupted for 138 years since 1881.”
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