Travel agent Hays Travel will buy the entire UK store estate of collapsed rival Thomas Cook, comprising 555 outlets.
The independent travel chain has been granted a licence to occupy these premises for six months, after which it can either negotiate an assignment of the existing lease, or a new long-term lease with the landlord.
Hays, which also operates a subsidiary business, Just Go Travel, said it would provide re-employment opportunities for a “significant” number of former Thomas Cook employees.
David Chapman, the official receiver for Thomas Cook, said: “This represents an important step in the liquidation process, as we seek to realise the company’s assets.”
Jim Tucker, partner at KPMG and joint special manager of Thomas Cook’s retail division, said: “[This outcome] provides re-employment opportunities for a significant number of former Thomas Cook employees, and secures the future of retail sites up and down the UK high street.
“We are pleased to have achieved this in a short timeframe and in the context of a complex liquidation process, which is testament to a lot of hard work from a number of parties.
“Over the weeks ahead, we will work closely with Hays Travel and landlords to ensure a smooth transition of the store estate.”
Hays, which is an independent chain, also works with tour operators including Jet2holidays and TUI UK. It is headquartered in Sunderland.
Savills advised KPMG on the transaction.
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