All of 555 Thomas Cook stores must be purchased by Hays Travel.
The travel agent said that the move gives it stores in locations in which it had no existence, such as Wales and Scotland.
John Hays, who put the company up said he expected that the stores would reopen in days.
It was an emotional day, he explained, with employees if they were told that their jobs were spared yelling.
He explained it was hard since there would be discussions with landlords to provide warranties about each Thomas Cook store.
There’s very likely to be some overlap of shops, and also the BBC estimates that there are over 30 places where there are two High Street branches. Back in the North East and Yorkshire, for instance, there are branches in Morpeth, also from Sunderland, Newcastle, York, Leeds, Doncaster.
The purchase, for an undisclosed amount, is a substantial measure for Hays, which has 1,900 employees, 190 stores, and last year had sales of 379m, reporting earnings of 10m.
Mr. Hays, who owns the company with spouse Irene, stated: “It’s a game-changer for us, nearly trebling the number of stores we’ve and doubling our workforce and for the business, which is to maintain some of its most gifted men and women.”
The takeover deal has been struck following days of discussions, with all the travel sector operators, the Civil Aviation Authority. He explained he was”pleased to find the bargain on the line.
When told that they had jobs, Cook employees had yelled, he explained. 1 day they had been in occupations, and the following day they had been locked out”
There were several logistics issues – Hays had to find lots of the store keys, ” he explained.
Over 100 projects will be located at the Sunderland headquarters of the company. The business has tweeted, advocating Thomas Cook personnel.
It places 22,000 jobs including 9,000 in the united kingdom, in danger worldwide when Thomas Cook failed.
Additionally, it sparked the largest ever peacetime repatriation from the Civil Aviation Authority (CAA) to deliver over 150,000 British holidaymakers back into the United Kingdom. The trip landed on Monday at Manchester Airport.
Business Secretary Andrea Leadsom stated she expected that the deal”will offer substantial re-employment chances for former Thomas Cook workers, together with the suggestions and service we’ll continue to supply to aid people locate a new job as fast as you can”.
Ian Bell, head of tourism and travel in accountancy firm RSMsaid it had been a”sensible move” for Hays, but would also signify a quadrupling of its journey service shops in a time when clients are booking vacations online.
It means that it will have purchased them at a lower cost than if Thomas Cook was trading Since Hays purchased the shops in the mates.
When clients are currently turning away from High Street travel agents, she questioned the logic.
“You’ve got to wonder exactly what Hays’ strategy is and the way they could ensure it is a success.
“Has the traveling company been gung-ho in attempting to secure a inexpensive deal without analyzing the viability of carrying on these shops? ,” she requested.