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Chinese leisure group Fosun buys stake in Thomas Cook

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Chinese leisure group Fosun buys stake in Thomas Cook

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A Chinese investment company has bought a 5 percent stake in British Travel company Thomas Cook.

Fosun is moving fast into the European holiday market after buying France’s Club Med in February.

Fosun paid $140.12m for the slice and intends to buy another 5 percent down the line.

Thomas Cook shares climbed 16 percent in early trading in London.

The company has suffered in recent times since the advent of the low-cost airlines.

Thomas Cook restructured and closed many of its outlets, once a feature of the British high street.