A lifeline for Thomas Cook, why Hong Kong has ditched London and how reliant is your company on Google?

Management Today's breakdown of the week's news stories that might have gone under the radar.

Last Updated: 14 Oct 2019

Lifeline for Thomas Cook staff

Northeastern travel firm Hays has agreed a deal to buy all 555 Thomas Cook stores, in a move that would double its headcount and almost triple its store footprint. 

Founder John Hays has offered no guarantees that all 2,500 Thomas Cook store jobs will be saved, due to discussions with individual landlords, but has stated that he intends to "take on all staff". The stores are due to reopen next week, albeit with "skeleton" teams.

The integration will be a challenge for the independent travel agent, which had sales of £397m in 2018 - in some cases, Hays is still looking to locate keys to branches. But it will come as a welcome move to the government, former Thomas Cook employees and high street shoppers.  

(Source: BBC)

Hong Kong drops its bid for the London stock exchange

Hong Kong Exchanges and Clearing, the city’s bourse, has dropped its £32bn takeover attempt of the London Stock Exchange Group. 

HKEX says it has been unable to engage with the senior management of the London-based group.

Last month LSE leaders rejected an "unsolicited" proposal over strategic concerns and, as hinted in a letter between the two bourses’ heads, apprehension over HKEX’s links to the Hong Kong Government. LSE also has plans to complete a £22bn deal to acquire the Refinitiv exchange from its private equity owners Blackstone and Thomson Reuters.

It is the seventh proposed takeover of LSE since 2000.

(Source: The Guardian)

Viagogo’s web traffic slumps after Google ban

Web visits to the online ticket seller Viagogo have slumped after it was removed from Google’s paid-for-search results. 

Google took a stand in June accusing the secondary ticket seller of breaking its advertising rules. 

Viagogo has also been embroiled in a legal case with the CMA, which accuses the company of being in contempt of court for not complying with consumer law. It has faced growing criticism from consumer groups and MPs over its sales practices. 

Before the ban in June, Viagogo’s UK site attracted 4.5 million web visitors. In July this fell to 2.5 million and by August 820,000.

(The Guardian)

Image credit: Sean Gallup / Staff via Getty Images

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