British Travel Agency Thomas Cook only launched its Australian travel insurance business in 2017, but already the travel giant has sold it, according to a report in the Australian Financial Review.
The business was sold on to Hobart-based Chief Executive Mark Tarring who renamed it Tilda Travel (named after Mark’s daughter Matilda).
The Thomas Cook brand left Australia in 2000 before returning as an online-only travel money and insurance business in 2017.
Thomas Cook has been having a rough time of late with its share prices dropping more than 80% between May and November.
Its Australian business needed significant investment which Thomas Cook was not in a position to provide.
The Australian Financial Review said the Australian arm was sold it to Mark Tarring for an undisclosed sum in November last year but the sale was only announced publicly last week.
He told the Australian Financial Review that Thomas Cook’s decision was not a reflection on the business’s first-year performance – it had been growing strongly and served 30,000 customers.
He has plans to extend the company into Asia and gain half a million customers in three to five years in Australia.
“Like every new baby, TildaTravel will quickly grow. We’ll be adding family-friendly travel services throughout 2019 and soon we’ll offer accommodation, flight and cruise options to create a world first one-stop-shop,” Mark comments on the Tilda Travel website
TildaTravel insurance will be available both directly to consumers at tildatravel.com.au and via travel wholesale and travel agency partners.
- READ: GUESS WHO’S BACK: Thomas Cook returns to Australia after 18 years with travel insurance
- READ: AWKWARD: Rebranded Cook’s Club aircraft spells out a rather cheeky phrase
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