Thomas Cook and MyTravel’s proposed merger does not necessarily mean shops will close, even where Thomas Cook and Going Places outlets exist side-by-side, according to future chief executive Manny Fontenla-Novoa.

The group will have a combined total of 1,030 shops and there has been speculation the chain could be reduced to 650 or even 500.

Fontenla-Novoa said: “There are lots of town centres and retail parks that can support more than one shop.”

“There will be some closures. But we will take into account the capacity at the local airport, the state of the market, the profitability of the shop and the foreign exchange business.”

“Thomas Cook will continue to exist on the high street,” said Fontenla-Novoa. “But does that mean we will close Going Places? We have not answered that yet. We may want a two-brand strategy.”

Fontenla-Novoa emphasised that job cuts and closures will not be confirmed until the merger’s formal completion. Completion is dependent upon approval from regulators, which is expected in June.