Jet2 ‘not interested’ in buying Thomas Cook after Lufthansa says airline deal ‘unlikely’
JET2 have issued an official statement to say that they are “not interested” in buying Thomas Cook’s airline or its high street shops.
It comes after Lufthansa’s chief financial officer suggested that a deal to buy the debt-ridden travel company’s airline could fall through.
Thomas Cook has been in talks to sell its airline as part of a restructuring process that could save the brand from collapse since earlier this year.
The travel company needs to find a buyer for its airline by September if it is to secure £300 million additional funding from banks, according to Travel Weekly.
Lufthansa confirmed a bid of Thomas Cook’s German airline Condor earlier this year, and the deal could have been extended to include the travel company’s other carriers.
However, the airline’s CFO Ulrik Svensson told analysts last week that “it’s unlikely we will get the deal”.
In a statement to Sun Online Travel, the airline said: “We have made a non-binding bid for Condor, for its long and short haul business, with the opportunity to extend it to all Thomas Cook Airlines.
“On our Capital Markets Day last week, our CFO commented that for several reasons it is unlikely that Lufthansa will be the winning bidder.
“He also pointed out that Eurowings will first turn itself around, before any further airline would be integrated into Eurowings.”
Yesterday, Thomas Cook’s rivals Jet2 were forced to issue a statement to say that they are not interested in buying Thomas Cook as an assurance to independent travel agents.
The company’s CEO Steve Heapy said: “We would like to confirm that Jet2.com and Jet2holidays have no interest in either Thomas Cook’s airline or Thomas Cook’s retail business.”
The statement came in response to speculation within the travel industry that Jet2 might be interested in buying part of the Thomas Cook business.
While Lufthansa was the most prominent contender, it was not the only potential buyer for Thomas Cook’s airlines.
Who might buy Thomas Cook's airline?
Thomas Cook is said to still be in talks with several potential buyers for its airline.
Earlier this year, Portuguese airline Hi Fly made a non-binding offer for the airline.
Triton, a private equity firm, also submitted a bid for the company’s operations in the Nordic countries.
Another private equity firm, Triton, a private equity firm, also submitted a bid.
Virgin Atlantic is said to be interested in Thomas Cook’s long haul routes, which would include Brit favourite destinations such as Mexico’s Cancun and Orlando in the US.
Thomas Cook reiterated a statement that the company issued alongside its half year results in May: “Following the announcement of the strategic review of our Group Airline in February, we have received multiple bids.
“We are currently assessing the bids received, including for the whole, and parts, of the Group Airline.
“We will consider all options to enhance value to shareholders and intensify our strategic focus and we will provide an update on this process in due course.”
UP IN THE AIR If Thomas Cook sells its airline, what would happen to the flights you’ve booked?
Earlier this year, Thomas Cook announced a half year loss of almost £1.5 billion.
It led to panicked Brits flooding the company’s Facebook page with concerned posts over fears that their holidays may not go ahead.
The travel company was forced to reassure holidaymakers that it will not go bust and that holidays will go ahead as usual.
Are you Thomas Cook holidays safe?
The good news is that holidaymakers will not be left out of pocket if the firm sells, splits or closes.
That’s because Thomas Cook holidays are ATOL protected.
By law, every UK travel company which sells package holidays and flights is required to hold an ATOL, which stands for Air Travel Organiser’s Licence.
If a travel company with an ATOL ceases trading, the scheme protects customers who had booked holidays with the firm – making sure they don’t get stranded abroad or end up out of pocket.
It means that holidaymakers will be able to get a refund or replacement holiday.
The operator, which is led by German chief executive Peter Frankhauser, previously told Sun Online: “We have ample resources to operate our business and at the same time, as usual, our liquidity position continues to strengthen into the summer period.
“As an ATOL-protected business, all of our holidays are protected under the package travel directive, so our customers can have complete confidence in booking their holiday with us.
“We’re looking forward to the summer season with 20 new own-brand hotels openings and some great offers for customers.”
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Thomas Cook is currently facing a takeover bid from China’s Fosun Tourism Group.
There is also speculation that the travel company could become an online marketplace for holidays.
Like other tour operators, Thomas Cook has struggled in recent years due to a fall in demand for package holidays as well as the unexpected heatwave last year, which resulted in a string of profit warnings.
Sun Online Travel has contacted Lufthansa for comment.