Views Article – Sharenet Wealth

Europe, News

EasyJet, buy Thomas Cook’s UK airport slots

(Recasts with slots sold to

LONDON, Nov 8 (Reuters) – British budget airlines easyJet and have bought the take-off and landing slots of failed travel company Thomas Cook at London Gatwick and Manchester airports, respectively.

Thomas Cook’s UK business and airline went into immediate insolvency when the company collapsed in September, and a court appointed an official receiver to liquidate its assets.

EasyJet bought Thomas Cook’s slots at London Gatwick and Bristol airports for 36 million pounds ($46 million), while, owned by Dart Group, bought slots at Manchester, Birmingham and Stansted for an undisclosed price.

London Gatwick and Manchester had been Thomas Cook’s main UK bases, and the liquidators have now sold all the available slots in Thomas Cook’s UK portfolio.

EasyJet acquired 12 of summer slot pairs and 8 winter slot pairs at Gatwick, plus six summer slot pairs and one winter slot pair at Bristol, in the deal. The airline added that contractual terms had been concluded.

Last month Hays Travel bought Thomas Cook’s network of British travel agent shops, while China’s Fosun, which had been the largest shareholder of the group, bought the Thomas Cook brand last week.

The collapse of Thomas Cook, the world’s oldest travel company stranded tens of thousands of passengers as its UK business immediately stopped trading.

Its Nordic business was rescued last month, while its German airline Condor is still operating.

($1 = 0.7805 pounds) (Reporting by Alistair Smout; Editing by Emelia Sithole-Matarise and Louise Heavens)

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
Array ( )