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Travel industry news

26 Mar 2019

BY James Chapple

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Thomas Cook announces review of financial services division

Thomas Cook has announced a review of its financial services division, Thomas Cook Money.

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Thomas Cook announces review of financial services division

Proposals include more closely aligning Thomas Cook Money’s leadership and operations team with Cook’s tour operating business.


The review will be headed up by Cook’s new chief of tour operating Will Waggott.


Waggott will work with Thomas Cook Money’s leadership team over the coming weeks to agree a plan for the future of the division.


Anth Mooney, UK chief of retail and money, will leave the business.


Over the past two years, Mooney has been involved in launching new products such as Cook’s pre-pay travel card Lyk and Roam holiday insurance and integrating them into the operator’s retail network.

 

The move comes just days after Cook announced a review of its retail network.

 

Cook is proposing to close 21 stores at the end of their leases, placing 320 roles at risk.


Peter Fankhauser, Cook chief executive, said: “The review of Thomas Cook Money will now consider how we focus our resources in those areas that give us the greatest opportunity to make a difference to customers in our core holiday offering.


“I would like to thank Anth for his contribution over the past two years, integrating our financial services offer with our retail network and providing a platform for future progress.”


Cook says the review will “drive greater efficiencies across the business and intensify management focus on those areas that will deliver highest returns”.

 

Mooney joined Cook’s UK management team in October last year following his promotion to the newly-created role of chief of UK retail and money, whereby he took on responsibility for Cook’s retail operation in the UK reporting to chief of UK source market Ingo Burmester.

 

However, Burmester left the business two months later "for personal reasons" and was replaced by Cook grandee Chris Mottershead. Burmester has since been announced as the new chief executive of Der Touristik, the German parent of Kuoni.

 

Upon his return, Cook said Mottershead would work alongside Mooney, with Fankhauser adding: I am confident that his experience in running a British holiday company, along with Anth’s absolute focus on our retail and money business, will help to accelerate the UK’s return to profitable growth.”

 

Tui Travel and later Travelopia boss Waggott has since been appointed Cook’s new chief of tour operating to address the performance of Cook’s tour operating division in the UK.

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