El Corte Inglés buys back 25% stake in travel division from Tool Factory to regain full control

Full ownership restored

El Corte Inglés reached an agreement on 1 October 2026 with Tool Factory to acquire the remaining 25% stake in Grupo Viajes El Corte Inglés, returning the travel subsidiary to 100% group ownership. The transaction concludes a four-year corporate process that began in February 2022, when Tool Factory, then owner of the online travel agency Logitravel, entered the shareholding with a 25% interest while El Corte Inglés retained 75%. That initial partnership merged both companies' travel operations across leisure trips, corporate travel, incentives, congresses, and events. The buyback follows the full operational and technological integration of Logitravel's digital booking systems into Viajes El Corte Inglés' extensive branch and agent network.

Financial provisions and regulatory approvals

According to the department store group's latest annual accounts, El Corte Inglés set aside a financial provision of 220 million euros to execute the buyback, which was outlined in the original 2022 shareholder agreement. The transaction also triggers the early repayment of a 24 million euro loan that El Corte Inglés granted to Tool Factory in 2022 with an original maturity date in 2029. Because the agreement requires the loan to be amortized within ten days of the 25% stake transfer, the company reclassified the debt to short-term status. Final execution of the transaction remains subject to formal regulatory clearance from Spain's National Commission on Markets and Competition (CNMC) and Portugal's Competition Authority (Autoridade da Concorrência), both of which previously cleared the 2022 merger.

Division earnings and group results

The travel unit posted strong financial growth during the 2025–2026 financial year ending 28 February 2026, registering a net profit of 37 million euros. This figure marks a 12.1% increase compared to the 33 million euros recorded in the prior financial year, contributing 6% of El Corte Inglés' total group net profit of 628 million euros, which rose 22.7% overall. Revenue for the travel division grew by 3.1% during the fiscal year, driven by leisure travel demand and commercial space sales, outperforming the retail division's 2.2% growth. Across the entire corporate group, global revenue reached 17,247 million euros, with consolidated turnover standing at 14,988 million euros, representing a 2% gain over the 2024–2025 period.

Strategic direction and corporate focus

Following the disposal of its 25% interest in the travel agency group, Tool Factory will focus its capital and resources on hotel asset investments, managing properties through its hotel arm SmyHotels. Meanwhile, El Corte Inglés plans to expand the travel business as a core pillar of its broader corporate growth strategy. At the group's annual general meeting in July 2026, company president Cristina Álvarez reaffirmed full institutional backing for the travel subsidiary, stating that the division reinforces client trust.

It is our duty to continue betting strongly on this business.

The travel subsidiary also secured its carbon footprint registration with the Spanish Ministry for Ecological Transition for the third consecutive year. The completion of the buyout allows the Spanish retailer to maintain unified strategic control over all operational channels as leisure travel demand expands across European markets.