Thomas Cook: Hays Travel paid just £6m to buy 555 of failed travel firm's shops

All 555 of Thomas Cook's stores were bought for just 6 million pounds
All 555 of Thomas Cook's stores were bought for just 6 million pounds
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MPs heard how Hays Travel paid £6 million to buy the 555 Thomas Cook shops.

MP Ian Liddell-Grainger said: "They bought 555 shops - £6 million is not a lot of money."

A plane model from a Thomas Cook store

A plane model from a Thomas Cook store

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Mr Beale also told the Commons committee the Insolvency Service - as official receiver of Thomas Cook - and its legal advisers are looking into whether there is "any scope" for bonuses paid to bosses of the holiday firm to be clawed back.

He said the contracts agreed with directors are being examined to see if the contractual arrangements around bonuses have been met.

Manny Fontenla-Novoa, former chief executive of Thomas Cook, said he never thought its debt pile was unmanageable during his leadership until 2011.

He also defended the merger of Thomas Cook with Co-op Travel and other acquisitions during his tenure despite the weight of debts.

READ MORE: Former Thomas Cook staff work for free in Edinburgh to help customers get refunds
Last week, Peter Fankhauser, Thomas Cook's chief when it collapsed last month, said the burden of debts was a key factor for the travel firm's collapse.

Mr Fontenla-Novoa said the latter chiefs should have looked at disposing assets earlier if they believed they were unable to service that debt.