Thomas Cook, a travel firm giant, is working on a deal of £87 million for the purchase of Gold Medal International. Thomas Cook, who took over MyTravel last year, will pay £24.9 million for Gold Medal International upfront, and the rest is to be paid if profit targets are achieved in years to come. The agreement still depends on approval and is anticipated to be finished in the early part of 2009.

Gold Medal International has 500 employees in their staff and is owned only by Ken Townsley, the company’s founder. The brands of Gold Medal International include PureLuxuryHolidays.co.uk, Gold Medal Travel, and Netflights.com. The company was founded in 1984 and is a long-haul tour supplier and operator of scheduled air services and accommodations for 1,500 destinations around the world. Their strong focus has been in the United States, the Far East, Dubai, and Australasia.

Thomas Cook is planning to merge their Flight Savers air business with that of Gold Medal International. Thomas Cook has said that the management team of Gold Medal International will continue leading the business with Townsley as the President of the company. The everyday operations of the company are going to be run by Terry Fisher, the Chief Executive, along with Steve Bacon, the Chief Financial Officer.

Manny Fontenla-Novoa, the Group Chief Executive for Thomas Cook, says that acquiring Gold Medal International is a great opportunity for them to strengthen their position in the travel sector significantly. Through the acquired company, they will have access to great technology, excellent products, and travel experts of high experience, he added.

Visit www.tomascook.co.uk -or- www.goldmedal.co.uk to find out more about these travel companies.