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| Version 1 | Version 2 |
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| Thomas Cook and Co-operative Group merge store networks | |
| (about 17 hours later) | |
| Thomas Cook and the Co-operative Group are to merge their High Street travel businesses to create the largest such network in the UK. | Thomas Cook and the Co-operative Group are to merge their High Street travel businesses to create the largest such network in the UK. |
| The move will bring together 1,204 stores, but both Thomas Cook and Co-operative Travel will retain their separate branding. | The move will bring together 1,204 stores, but both Thomas Cook and Co-operative Travel will retain their separate branding. |
| They will create a new joint subsidiary company to be 70%-owned by Thomas Cook, with 30% held by the Co-operative. | They will create a new joint subsidiary company to be 70%-owned by Thomas Cook, with 30% held by the Co-operative. |
| Thomas Cook admitted the deal may mean "hundreds" of job cuts. | Thomas Cook admitted the deal may mean "hundreds" of job cuts. |
| "There may be some [store] closures but they will be very minimal," Thomas Cook chief executive Manny Fontenla-Novoa told BBC Radio 5 Live. | "There may be some [store] closures but they will be very minimal," Thomas Cook chief executive Manny Fontenla-Novoa told BBC Radio 5 Live. |
| "Of course there will be some consolidation, of course there is some overlap." | "Of course there will be some consolidation, of course there is some overlap." |
| The two firms currently have a combined workforce of about 9,000 across their existing shops. | The two firms currently have a combined workforce of about 9,000 across their existing shops. |
| Thomas Cook's online operation is not included in the merger with Co-operative Travel. | Thomas Cook's online operation is not included in the merger with Co-operative Travel. |
| Savings | Savings |
| The merger will see the Co-operative Travel shops start to sell Thomas Cook products, which the two firms said in a joint statement would "provide significant opportunity to drive additional sales". | The merger will see the Co-operative Travel shops start to sell Thomas Cook products, which the two firms said in a joint statement would "provide significant opportunity to drive additional sales". |
| While the two businesses will retain their separate branding, 70 outlets of Thomas Cook subsidiary Going Places will take up the Co-operative Travel brand. | While the two businesses will retain their separate branding, 70 outlets of Thomas Cook subsidiary Going Places will take up the Co-operative Travel brand. |
| Thomas Cook and Co-operative Group said they hoped the merger would create annual savings of more than £35m across the two firms. | Thomas Cook and Co-operative Group said they hoped the merger would create annual savings of more than £35m across the two firms. |
| The coming together of the two travel shop networks will also create the UK's second-largest foreign currency exchange business. | The coming together of the two travel shop networks will also create the UK's second-largest foreign currency exchange business. |
| Mr Fontenla-Novoa added: "Today's announcement, together with our plans to cut costs and streamline the rest of our UK business, will put us in a much stronger position, should market conditions in the UK remain weak, and will build a firm foundation for the future." | Mr Fontenla-Novoa added: "Today's announcement, together with our plans to cut costs and streamline the rest of our UK business, will put us in a much stronger position, should market conditions in the UK remain weak, and will build a firm foundation for the future." |