CO-OP SAYS GOODBYE TO TRAVEL AGENCIES
THE Co-op is packing its travel bags after ending its five-year joint venture with Thomas Cook.
Cook is taking full control of its UK retail network by acquiring the Co-op’s 30 per cent stake for £50million, with a further £31.9million to be paid out in dividends.
It is also buying Central England Co-op’s 3.5 per cent stake for £5.8million. The Co-op, which has been selling off assets such as its chemists and farms to focus on core areas such as food and funerals, said a minority stake in a travel business “does not fit with our strategy”.
The joint venture has 764 stores in the UK.
Cook retains the right to use the Co-op Travel brand until November 2018.