The Thomas Cook Group has bought travel insurance and airport parking and hotels provider Essential Travel.
The group has taken a 100% stake for an undisclosed sum of Think W3, which owns Essential Travel and which was set up in 2001, initially as a business-to-business supplier of white-label travel insurance for online travel providers. For the financial year ending March 31 2009, the company had gross assets of £2.5 million.
The acquisition represents the Thomas Cook Group’s continued strategy to become one of travel’s leading financial services provider, and will also help the group accelerate the growth of its online travel-related services.
Thomas Cook Group chief executive Manny Fontenla-Novoa said: “We are delighted that Essential Travel will join the Thomas Cook Group. We continue to believe a strong position in the direct travel insurance market is strategically important.
“Furthermore, we expect that together with the experienced directors of Essential Travel, we can build upon our respective strengths to enhance Thomas Cook’s position in both travel insurance and other travel services such as airport parking and airport hotels.”