Insider Business Cyprus hoteliers still nervous even after Biblio Globus assurances

Cyprus hoteliers still nervous even after Biblio Globus assurances

Biblio Globus, one of Russia’s largest travel agents, has sent the message that its operations are not affected by Thomas Cook’s collapse, but Cyprus hoteliers remain nervous.

This is because Biblio Globus announced its sale to Thomas Cook in March but it is not clear whether it was a sale or a sale agreement provided that everything went well with Thomas Cook’s finances.

The hoteliers’ concern will subside once Biblio Globus goes ahead with payments due within days, insiders told Phileleftheros.

In 2018, the Russian travel agent accounted for 11% of total arrivals, flying more thane 429,000 tourists to Cyprus.

Thomas Cook Group announced in mid-March that it had agreed to enter into a joint venture agreement with Ionic Invest to buy Biblio Globus. Thomas Cook intended to acquire a 30% minority stake in the joint venture.

Ionic Invest is owned by Sarpedon Travel, a leading destination management company and longstanding partner of Thomas Cook.

The complicated agreement provided that the seller received the first tranche of $10 million by the end of March and the second, also $10 million, in January 2020. To this will be added $130m over three years, provided the Russian company meets its profitability targets.

Cyprus Hoteliers Association head Haris Loizides told Phileleftheros: “My personal opinion is that this is a deal on paper, a deal that has not been validated.  Therefore, we accept Biblio Globus’ assurances that it will continue to run smoothly. ”

However, the Deputy Ministry of Tourism has not received further information or beyond the announcement sent out by the company.

Deputy Minister Savvas Perdios’ comment was that Biblio Globus announced its sale to Thomas Cook six months ago. But, he added, it is not clear whether it was a sale or a sale intention provided that everything went well with Thomas Cook’s finances. Clarifications have been requested.

 

Read more:

https://in-cyprus.com/the-thomas-cook-brand-hotels-in-cyprus/

Top Stories

Access to Troodos controlled by Police

The Police announced that on the basis of the Health Ministry decrees aiming to contain the outbreak of the pandemic, tomorrow Sunday, access to...

129 new cases, four deaths announced on Saturday

The Health Ministry announced the death of four persons due to COVID-19. This raises the death toll from the virus in Cyprus to 183,...

Crowding at Troodos; lots of fines by police

Lots of traffic was today seen at Troodos. In order to maintain order but also to monitor that people respected the measures aiming to...

Where to get antigen rapid tests on Sunday 24 January

The Health Ministry announced the following antigen rapid test sites for Sunday, 24 January 2021:   LIMASSOL Parking place Lidl supermarket, Limassol 08:30-16:30 Glafkos Clerides Park, Germasoyia 08:30-16:30 Municipal...

Larry King dies at 87

Larry King dies at 87. Photo taken at his concert at Hard Rock Live in Hollywood, Florida on January 25, 2012. (Reuters)

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...