Declaration of war or resignation?: Hotelplan goes on the offensive, Melectronics threatened with lights out

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The timing of Migros’ sale announcement could not have come at a worse time for its subsidiary Hotelplan.

January/February is the “booking season” when most Swiss people book summer and autumn holidays. Additionally, Fespo, Switzerland’s largest travel fair, was held in Zurich recently. Uncertainty among employees and customers was the last thing Hotelplan needed, which is currently on the rise after the difficult Corona years.

But there was little sign of resignation during Blick’s visit to Fespo over the weekend. “Especially now” is a phrase you will hear from Hotelplan employees as well as Laura Meyer (43, CEO of Hotelplan Group) and Nicole Pfammatter (52, CEO of Hotelplan Suisse). The two bosses quickly visited Fespo to take the pulse of the employees.

Not only that, just this weekend the Sunday press and social media were filled with an advertising campaign prepared in record time. Their claim: “The hotel plan was written without the letter M”. A bold and clear statement. Attention: In consultation with Migros Cooperative Union (MGB).

The end of Melektronics?

There is no sign of such a reaction from other sales candidates. Advertising campaign? Shares on social media? None.

Signs at the MEelectronics specialist store show that the lights are turned off more than ever. For example, there is no apprenticeship training available on the Melectronics portal. According to the information obtained by Blick, Migros Aare cooperative is said to have stated a little more clearly than other Migros cooperatives that it is not possible to save Meelectronics branches. But disgruntled employees are not allowed to comment. Blick is still waiting for a statement from Migros Aare.

SportX also did not respond. There is no visible “beautification” for potential buyers. For both companies mentioned, only the locations are interesting, but not the products.

Low price but not an “everything buyer”?

Hotelplan’s defiant attitude is striking. Everything is done to “stay beautiful” in sales. But the uncertainty is likely to be very large. Is the intended overall sale of the Hotelplan Group realistic?

In terms of price, yes. Migros does not disclose the operating profit figures of its companies. With sales of around 1.7 billion francs and an “industry standard” margin of 1.5 percent, Hotelplan’s operating profit in 2023 is likely to be around 26 million francs. The rule of thumb “six times operating profit” implies a sales price of approximately 160 million francs. However, the Corona period has caused very high losses and therefore debts, which will probably reduce the purchase price.

So who takes care of the entire structure? Rumors of a merger with its main rival Kuoni, owned by the German group Rewe, have been circulating for years. However, the merger could lead to major business disruptions in the tour operator business and travel agencies. TUI, the world’s largest travel group, is also not an option for the same reasons, and German FTI Group, which operates in Switzerland, is currently looking for investors itself.

Is an unexpected “White Knight” coming? Austria’s leading tourism group, Verkehrsbüro, may come to mind; They have mothers who have two insurance companies and can pay for it. The group responded to Blick’s question by saying, “No such thing is planned at the moment, but we are always interested in future developments.”

But it is more likely that the company will split into separate parts. However, this will cost IT and management jobs at Hotelplan Group.

Tourism is not all over

It is unlikely that today’s largest Swiss tour operator will continue to exist in its current form. The “Dutti legacy” of Hotelplan, founded in 1935 by Gottlieb Duttweiler himself, is collapsing. The reaction from the Fespo halls was: “Migros could switch to alcohol sales in 2022, which would definitely not hurt its business figures.” Migros traditionalists won in the alcohol vote. A different wind is now blowing for the orange giant. Cumulus point campaigns from Migros Holiday brand have ended!

However, although Migros focuses on its core business, it has not completely given up on the tourism business. For example, MGB still owns the Monte Generoso Railway in Ticino, as confirmed by media outlets.

Source :Blick