Thomas Cook and the Co-operative Group have signed a merger agreement to create the largest high street travel agency. Under the deal, the brands will form a new joint subsidiary company, which will be 70% owned by Thomas Cook and 30% held by the Co-operative. Both companies will keep their separate brands although some outlets will swap names. However as the companies’ headquarters and back offices combine, it has been reported that they will be several job losses. “This is really about job creation and protection, but yes of course, by combining the two head offices there will be some job losses,” Co-op chief Executive Peter Marks told the Press Association. “Today’s announcement, together with our plans to cut costs and streamline the rest of our U.K. business, will put us in a much stronger position, should market conditions in the U.K. remain weak, and will build a firm foundation for the future,” added Thomas Cook CEO Manny Fontenla-Novoa.