Thomas Cook and Co-op to merge high street operations

PETERBOROUGH travel giant Thomas Cook and the travel arm of the Co-operative will merge their travel and foreign exchange shops.

The combined companies are hoping to make £35m of savings a year by combining headquarters, probably in Peterborough, and restructuring back-office systems.

Manny Fontela-Novoa (above), Thomas Cook chief executive told the BBC’s Today programme on Radio Four that the non-cash merger will create the largest travel chain on the high street, as well as its second-largest foreign exchange provider and that “both chains will be able to offer a better rate to customers”.