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:

Top Stories

New website of the Foreign Ministry in operation as of 27 October

As of yesterday, the new website of the Foreign Ministry is accessible at The new page aims to upgrade and make the public’s communication...

Professor Kostrikkis: Masks are like safety helmets

“I share the people’s discomfort from the use of the protective masks everywhere,” Leondios Kostrikis, Professor of Biological Sciences at the University of Cyprus...

Parties want to deprive corrupted officials from benefits

  DISY, EDEK and the Greens are looking to deprive benefits that state officials receive if they are found guilty of corruption charges. The parties have...

Egypt says freedom of expression ‘stops’ when Muslims offended

  Egypt’s President Abdel-Fattah al-Sisi said freedom of expression should stop if it offends more than 1.5 billion people, following the display of images in...

UK offers to de-escalate tensions with Turkey in call with Anastasiades

  British Prime Minister Boris Johnson expressed support to Cyprus positions on Eastern Mediterranean tensions, Downing Street said in a statement following a phone conversation...


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...


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...