Thomas Cook Demerger Targets Travel, Forex and Resorts Value

Thomas Cook (India) is best known for selling holidays, but it also runs foreign-exchange, resort and digital-imaging businesses.

These businesses have different costs, profits and types of investors.

The company wants to move its Sterling resort business into a separately listed company.

Thomas Cook shareholders would keep their existing shares and receive shares in Sterling.

Sterling had 78 resorts and 3,810 rooms at the end of FY26.

Its business may improve if more rooms are occupied and room prices rise.

The forex business is smaller than travel by revenue but earns a much higher operating margin.

The digital-imaging business has recently performed poorly, especially after lower visitor numbers in the Middle East.

The plan still needs regulatory, court and shareholder approvals, so its final outcome is uncertain.