Thomas Cook has announced that it is to acquire online booking company Hotels4U.

One of the world’s leading leisure travel groups, Thomas Cook, has announced an agreement to acquire Hotels4U in a deal worth £21.8 million, payable in cash from internal resources.

Hotels4U, founded in 2003 and run by a team with over 250 years’ travel and hospitality experience, is an online accommodation and resorts booking system, boasting more than 500,000 customers a year.

The deal is subject to the profitability of Hotels4U up to 2013, with the net of amounts to be reinvested by Haim Perry, Managing Director of Hotels4U, and Jacky Bedlow, Finance Director.

Manny Fontenla-Novoa, Thomas Cook Group’s Chief Executive, was delighted with the acquisition: “Hotels4U is already a highly successful business led by an experienced management team and we look forward to working with Haim Perry and his team to further develop our position in this rapidly growing segment and to build on our customer offering.”

Haim Perry will remain within the business’ senior management team. He commented: “I am delighted that we have reached an agreement with Thomas Cook, who we believe is our ideal partner going forward. As a business we now have access to the international markets that Thomas Cook is present in and therefore the opportunity for further growth.”

Thomas Cook hopes the deal will strengthen its position within the independent travel sector.