/Bidders line up for Thomas Cooks profitable Scandinavian brands

Bidders line up for Thomas Cooks profitable Scandinavian brands

Published on Tuesday, October 29, 2019

Thomas Cook’s Northern European business, which includes its operations in Sweden, Norway, Denmark and Finland, is expected to be sold before Christmas.

A spokeswoman for the Danish unit said it had attracted bids from more than 10 parties following the collapse of the parent company in the UK last month.

Thomas Cook’s Northern European arm includes profitable brands such as Ving in Sweden, Spies in Denmark and Tjareborg.

It has been able to continue to operate since its parent Thomas Cook went into involuntary liquidation in the UK as it is a separate legal entity.

A source close to Ving said: “We’re not surprised there is a lot of interest in buying the brand, it is really very profitable, it’s a cash-cow in fact.”

Lisbeth Nedergaard, a spokeswoman for Spies, told Reuters: “We are now closer than ever and it (the process to find a buyer) will definitely be concluded before Christmas.”

Earlier this month, a non-binding bid was made from an unnamed investor.

Private equity group Triton, which tried to buy Thomas Cook’s Northern European business earlier this year, is among the interested buyers, according to Nordic media and Sky News, all citing unnamed sources.

Triton, which owns Sunweb, declined to comment.

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