Thomas Cook is facing a multi-million pound takeover bid from the Chinese owners of Wolverhampton Wanderers.
Fosun International, which also owns Club Med, is in talks to buy the troubled travel firm’s tour-operating arm, which could lead to the break up of the 178-year-old British business.
The possible takeover also puts a major question mark over the fate of Thomas Cook’s 20,000-strong workforce.
It comes after Britain’s oldest travel operator – with 21million customers a year – reported a record £1.5billion loss last month.
Last night, unions called for an urgent meeting with the holiday firm to seek reassurances on jobs.
Fosun, headed by billionaire Guo Guangchang – known as the “Warren Buffett of the East” – bought Wolves for £30million in July 2016 and has invested tens of millions of pounds in the club.
The Chinese conglomerate, which made a record £1.5billion profit last year, is already Thomas Cook’s biggest shareholder, with an 18 per cent stake after pumping almost £100million into the firm. Discussions on the takeover are believed to be at an early stage.
But if it goes ahead, it would be one of the biggest takeovers of a British business by a Chinese firm, handing control to Fosun of a company boasting nearly £7.4billion in revenues last year.
Manuel Cortes, leader of the TSSA union, said last night: “These are very worrying times for our members at Thomas Cook.
“The company has already announced the closure of some of its high street shops after it posted £1.5billion loss due to Brexit uncertainty.
“Now we have speculation about the potential break-up of the company. We will be seeking an urgent meeting with Thomas Cook to clarify if there is any truth to the latest speculation.”
Fosun is believed to be working with bankers at JP Morgan on an offer for the bulk of the firm.
But any deal would not include Thomas Cook’s airline business, as it would not be allowed to buy it under EU aviation rules. Last night, Thomas Cook declined to comment.
