MyTravel bought by Thomas Cook
Travel Insurance News - 21/02/2007

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Thomas Cook emerged as the new owners of MyTravel although it has been presented as a merger rather than a takeover. Thomas Cook have made a successful comeback since they looked close to bankruptcy in 2003. Thomas Cook will control 52% of the shares, the company is worth around£2.94bn. MyTravel have also had financial problems in the past having discovered a hole in their accounts amounting to £1bn. First Choice willnow be relegated to third place on the high street rankings.

Thomas Cook began his travel company in 1841 and later launched package holidays to Europe and America. Midland Bank bought the company out in 1977 and was sold to various German owners through the nineties. MyTravel was founded in 1972 as Airtours and grew to a value of £2.7bn.

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