Thomas Cook merger of business with The Co-operative Group

Ogier is advising a Jersey-incorporated joint venture vehicle to be capitalised by Thomas Cook Group plc and The Co-operative Group on the proposed merger of their high street travel and foreign exchange businesses.

As a result of the UK high street consolidation, Thomas Cook and The Co-operative Group will create the UK’s largest high street travel retailer and the second largest provider of retail foreign exchange. Under the merger, Thomas Cook and The Co-operative Travel will have a combined base of 4.3m customers. Each company will contribute their entire retail travel estates in the UK, comprising 803 and 401 shops respectively, together with their foreign exchange and cruise operations.

Thomas Cook will have 70% of the shares in the Jersey joint venture vehicle and The Co-operative Group will have a 30% shareholding. There will be no cash consideration at completion.

The Ogier team has been led by Chris Byrne (Partner and Head of Finance) who has been supported by Paul Burton (Senior Associate) and Lucy Chambers (Associate).