Thomas Cook Group has announced today (7 April) that it has acquired the UK-based luxury travel company Elegant Resorts Ltd from its founding shareholders, Geoff Moss and Barbara Catchpole. The acquisition has been funded from existing cash resources.

Founded in 1988, Elegant Resorts is the UK’s market leader in this niche segment of the market and has a strong record of operational and profit delivery, offering tailor-made holidays to the most luxurious hotels and resorts around the world, with a particular strength in the exotic destinations of the Caribbean, the Indian Ocean and the Arabian Gulf, as well as European luxury resorts.

In 2007, Elegant Resorts carried more than 20,000 passengers and the total gross assets of the Company were £22.3 million.

This acquisition fully supports the Group’s strategy to strengthen its position in the independent travel segment and builds on Thomas Cook’s current expertise in offering customers high-value luxurious holidays under its Latitude and Thomas Cook Signature brands.

Under its ownership, Thomas Cook intends to operate Elegant Resorts as a standalone business with the company’s current management team in place.

Manny Fontenla-Novoa, Group Chief Executive, Thomas Cook Group plc said: "We are delighted to have secured this acquisition, which allows Thomas Cook to further enhance its position in this lucrative and growing segment of the leisure travel market. Elegant Resorts has a very strong brand name, associated with luxury, style and bespoke holidays and fully supports our strategic aim to become a leading independent travel provider."