The joint venture of thomas cook and the co operative travel out of red numbers
Thomas Cook Co-Operative Travel (TCCT Retail Ltd) a joint venture between Thomas Cook and The co-operative Travel, has significantly improved its results in 2014 with benefits operating 26.6 million pounds (36.4 million euros).
The network of agencies, which includes 840 points of sale in the United Kingdom, suffered losses of 23.8 million pounds (32.6 million euros) in 2013, and 16 million pounds (22 million euros) in 2012.
However, the turnover of the company fell 7.2% last year, to 317 million pounds (435 million euros), compared with the 341,8 million pounds (469,2 million euros) from the previous year.
Since the joint venture ensures that on-site agencies have a very significant contribution with respect to sales of tour packages for the group, although it intends to increase as much as possible the percentage of sales of this product type that takes place online.
Both companies have continued to focus on the integration of its network of agencies retailers. In fact the last year has achieved a substantial cost reduction driven largely by this restructuring, low charge of 27.6 million pounds (37.8 million euros) in 2013 to 7.9 million pounds (10.8 million euros) in 2014.
The joint venture
, Thomas Cook has a 66.5% stake, while The co-operative Group has 30% and 3.5% belongs to Central England co-operative (formerly known as Midlands co-operative). These two last companies have the option to sell its minority stake in the joint venture to Thomas Cook from September 30, 2016.
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