THOMAS COOK FACING WOLVES AT THE DOOR

Football club’s Chinese owners to bid for troubled firm, sparking job fears

TROUBLED travel giant Thomas Cook is facing a multi-million pound takeover bid from the Chinese owners of Wolverhampton Wanderers.

Fosun International, which owns Club Med, is in talks to buy the firm’s tour operating arm, which could result in Britain’s oldest travel company being broken up after 178 years.

Thomas Cook reported a record £1.5billion loss last month and there are fears for the future of its 20,000-strong workface. The firm has already put its fleet of 105 jets up for sale to pay off debts and it is closing 21 high street shops with the loss of more than 300 jobs.

Fosun, headed by billionaire chairman Guo Guangchang, bought Wolves for £30million in July 2016 and has invested tens of millions in the club. The Chinese conglomerate, which made a £1.5billion profit last year, is Thomas Cook’s biggest shareholder with an 18 per cent stake. It is said to be working with City bankers JP Morgan on its offer and a formal bid could follow in the next few weeks.

Fosun would be acquiting a company serving 11 million customers which earned £7.4billion in revenue last year. But the Thomas Cook airline business cannot be included as this would break EU aviation rules.

TSSA union boss Manuel Cortes said: “We will be seeking an urgent meeting with Thomas Cook. We remain committed to fight for members’ jobs.”

He added: “The impact of Brexit is a major factor in its recent difficulties – we can’t allow ordinary hard-working Britons to pay that price with their livelihoods.”