The head of The Co-operative Travel Mike Greenacre has apologised to staff about not being able to forewarn them about the retail merger with Thomas Cook.
He told staff it was “regrettable” but that due to Stock Market regulations the news had to be reported to the City first before briefing staff.
Greenacre will remain with the new merged company, in which the Co-op will have a 30% stake, as trading director.
The Co-op has sent a Q&A to staff answering questions the merger throws up.
Greenacre’s email said: “You may have heard announced on the news this morning our proposal to form a joint venture (JV) business that would bring together The Co-operative Travel with parts of Thomas Cook.
“Regrettably, Stock Exchange regulations prevented us from briefing colleagues in advance of the public statement, as we would have wished to do.
“The JV proposal is highly significant news for our Travel business and the wider travel industry, as it would create the UK’s largest travel retailer with an unrivalled reach to customers.
“There will be further detailed announcements about the proposal later this morning setting out the business case and what this might mean for colleagues, members and customers.”