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News: Thomas Cook Nordic arm saved following Stordalen acquisition

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As many as 2,300 jobs have been saved after property tycoon Petter Stordalen led the rescue of collapsed travel agent Thomas Cook’s Nordic arm.

Acquiring 40 per cent of what is formally known as Ving Group through his Strawberry Group investment vehicle, Stordalen promised to inject £500 million into the business.

Strawberry Group will hold 40 per cent of the company, partnering with Altor Funds, which will hold a further 40 per cent, and TDR Capital, which will take the remaining 20 per cent.

The investment consortium will provide a “strong and long-term” Nordic majority ownership of the leisure company and its 2,300 personnel, Strawberry Group said in a statement.

Thomas Cook’s assets in the region also include tour operators in Norway, Sweden, Denmark and Finland – among them firms such as Spies and Tjareborg.

However, the core activity of Ving Group is chartered holiday travel, with Thomas Cook Airlines Scandinavia accounting for 85 per cent of its volume.

Following the deal, the airline is to be rebranded as Sunclass Airlines.

The carrier currently operates around 14 aircraft, a mix of Airbus A330s and A321s.