Thomas Cook

[StockholmO]

Going bust at 3 am today UK time. My wife works for Thomas Cook Scandinavia.

Sad times.

[StockholmO]

It's official.

https://www.caa.co.uk/News/Thomas-Cook- ... programme/

[Smendrick Feaselberg]

Sad news. Can a business savvy boarder explain why they went into compulsory liquidation rather than administration though please?

[Thor]

i have not read too much into this, but headlines of 1.6bn of debt, needing 300 million holidays just to stand still suggests that there was zero chance of the business being restructured (seems they tried and failed) or sold. They are insolvent thus liquidation.

[Smendrick Feaselberg]

i have not read too much into this, but headlines of 1.6bn of debt, needing 300 million holidays just to stand still suggests that there was zero chance of the business being restructured (seems they tried and failed) or sold. They are insolvent thus liquidation.

Yeah, the outlook seemed really grim but there looked to be a takeover in place if they could get assurance on £200million of revenue. Though appreciate that's not the sort of money you find down the back of the sofa.

[The Mindsweep]

Surprised they latest so long. More people are booking direct with airlines and hotels. The "Package" is normally just convince for transport etc.
Different company, but before my kids started school, 10-12 years ago, we used to take them to Haven holiday camps in France during normal term time. It cost just under £1,000 for the package. When they started school the cost was nearer £3,000 during the summer holiday. I sourced myself and paid £1,200 for the crossing and accommodation, which was in far superior holiday home. The Haven units on the site, which weren't as good, would have cost £2,800.

[Clive Evans]

When I was a youngster many years ago, Thomas Cook was a Nationalised Company. Few people realised that fact. It was a superbly run Company and was the Market Leader. It was a byword for excellence. Then in 1972, as it was doing so well, Grocer Heath decided Privatisation was needed to soothe his greedy friends in the City. The rest is History. I hope our Labour bashing friends reflect on this little footnote to what was once a great Nationally owned company

[Sid Bishop]

Thomas Cook, great company but like the many shops on the High Street going bust, a casualty of modern times and people using the internet to buy what they want at cheaper prices. People are now booking their own flights and hotels online. The old way of having shops on the high street where you can go and book holidays in expensive to maintain and unfortunately outdated in the age of the internet where people do the booking themselves online.

[Thor]

I’ve learnt something today WSS, I thought the previous incarnation prior to its float was a private family business. Good info by the way.

[BIGRON]

I wonder witch holiday company will be next to go , most people ( me included ) book their holidays on line and use company's like Travel Republic

[Smendrick Feaselberg]

Thomas Cook, great company but like the many shops on the High Street going bust, a casualty of modern times and people using the internet to buy what they want at cheaper prices. People are now booking their own flights and hotels online. The old way of having shops on the high street where you can go and book holidays in expensive to maintain and unfortunately outdated in the age of the internet where people do the booking themselves online.

You could use the internet to book Thomas Cook holidays too you know, and just Thomas Cook flights if you didn't want a whole package.

Also, TUI are doing fine it seems.

[Ronnie Hotdogs]

Going bust at 3 am today UK time. My wife works for Thomas Cook Scandinavia.

Sad times.

Inside ianformation!

Sad times indeed, for holiday makers but more so their staff.

[DonaldRocks]

With people less confident and spending less with this Brexit uncertainty it left the company in a precarious position going into the winter season when traditionally travel companies are loss making. It's only one if the reasons along with the £150 million a year on debt repayments but it certainly didn't help.

I feel for the staff and those holiday makers stranded abroad and for those travel plans have been put into disarray.

[Dunners]

It's an outdated concept. The merger with MyTravel in 2007 was stupid, as it left the company bloated and burdened with more debt. Most of their customers were lower-income over-65s - a rapidly diminishing customer group. Gutted for the staff however, and for the fact that it was one of the few operators who still fly a Boeing 757 into UK airspace.

[Dunners]

Thomas Cook, great company but like the many shops on the High Street going bust, a casualty of modern times and people using the internet to buy what they want at cheaper prices. People are now booking their own flights and hotels online. The old way of having shops on the high street where you can go and book holidays in expensive to maintain and unfortunately outdated in the age of the internet where people do the booking themselves online.

You could use the internet to book Thomas Cook holidays too you know, and just Thomas Cook flights if you didn't want a whole package.

Also, TUI are doing fine it seems.

TUI have issued several profit warnings in 2019. But they hold more tangible assets, have smaller debt, and could now benefit from former TC customers. So they may carry on for a few more years yet, but they face a tough future.

[Thor]

Shares have gone up in Tui and Jet2.

Just read that the board of directors paid themselves rather large bonuses in the last year, when will this stop? Its outrageous.

I've seen it first hand as well, I didn't agree with that sort of behaviour then and I dont agree with it now.

[DonaldRocks]

Thomas Cook, great company but like the many shops on the High Street going bust, a casualty of modern times and people using the internet to buy what they want at cheaper prices. People are now booking their own flights and hotels online. The old way of having shops on the high street where you can go and book holidays in expensive to maintain and unfortunately outdated in the age of the internet where people do the booking themselves online.

You could use the internet to book Thomas Cook holidays too you know, and just Thomas Cook flights if you didn't want a whole package.

Also, TUI are doing fine it seems.

TUI have issued several profit warnings in 2019. But they hold more tangible assets, have smaller debt, and could now benefit from former TC customers. So they may carry on for a few more years yet, but they face a tough future.

TUI, had they financial resources that have allowed them to get more involved in the fast expanding more profitable cruise business sector.

If you need £150 million every year just to service your debt, your business is going to be unsustainable over the long term. Your company would need massive turnover and lender goodwill, just to keep going.

This Boeing debacle, is also having a profound affect on many airlines. Ryanair and Easyjet, have also been scaling back for the upcoming winter schedule.

Fuel prices are also having an effect. We can only hope that Israel, Saudi Arabia and UAE don't get their way and lead to an all out disastrous War in the Middle East and Persian Gulf. Remember, these countries helped get Trump elected and have been expecting pay back, he pulled US out of a hard fought for negotiated Nuclear deal with Iran that was clearly working, moved US embassy to Jerusalem, recognised Israeli sovereignty of Golan Heights, blackmailed and extorted funds from blockaded Quatar to save his son in laws failing real estate business. Ignored and is indifferent, that a murderous regime, has butchered a Washington Post journalist and along with UAE are involved in killing thousands in a proxy war with Iran in Yemen.

SA wants nuclear power (purely for peaceful purposes I'm sure????, with no guarantee of checks and balances, what a scary thought, and Russia wants to build those power plants. Russia have kompromat on Trump, they all do. He wants to drop Russian sanctions as a result and expects Ukrainian election interference for getting funding authorised by Congress. Holy f***.

Be in no doubt about it, we are in real uncertain and dangerous times.

[F*ck The Poor & Fat]

When I was a youngster many years ago, Thomas Cook was a Nationalised Company. Few people realised that fact. It was a superbly run Company and was the Market Leader. It was a byword for excellence. Then in 1972, as it was doing so well, Grocer Heath decided Privatisation was needed to soothe his greedy friends in the City. The rest is History. I hope our Labour bashing friends reflect on this little footnote to what was once a great Nationally owned company

Sure. The tax payer could fund their losses as the market place changed over the last few years. I think it has somewhat since 1972. The latter point being why they failed. I’m sure nobody in the city will have lost a penny.

Great shame for the people affected but the travel industry is changing, can’t remember the last time I went into a travel agent. Few years back WH Smith got rid their travel business, not viable for them. Too easy to use the Internet for all you need to know and either book yourself or use one of the online booking agents.

[BelgianO]

My honeymoon was booked with them...From Belgium to the Maledives...f#*k ....anyone know a good hotel in the Maledives?

[slacker]

Shame to see such a High St name disappear. The early & colonial era history of the firm is fascinating.

On unrelated -but still travel - news, I’ve got to cancel my month-long Peru/Galapagos jaunt that we were due to start this weekend. Had a bit of an unexplained ache-y leg for a few days. Had it scanned and turns out I have a dvt. My first one 19 years ago almost saw me off but no issues since then. So grounded for a month by the doc, and now on blood thinners for life. Absolutely gutted. Let’s see if my travel Insurance policy is any good for paying up now...it’s a fair whack to be refunded.

[EliotNes]

My honeymoon was booked with them...From Belgium to the Maledives...f#*k ....anyone know a good hotel in the Maledives?

Every hotel in the Maldives is good. I've been twice on holiday and one of the really lucky ones who had to go there on business a handful of years ago.

The people I am really sorry for are the staff and I think we could find that they have worked almost a full month and won't get paid for any of it.

And as Thor said above, its now coming out that directors paid themselves millions in "bonuses". Fat cat abuse of influence, that's what that is to me.

[Dunners]

Shame to see such a High St name disappear. The early & colonial era history of the firm is fascinating.

On unrelated -but still travel - news, I’ve got to cancel my month-long Peru/Galapagos jaunt that we were due to start this weekend. Had a bit of an unexplained ache-y leg for a few days. Had it scanned and turns out I have a dvt. My first one 19 years ago almost saw me off but no issues since then. So grounded for a month by the doc, and now on blood thinners for life. Absolutely gutted. Let’s see if my travel Insurance policy is any good for paying up now...it’s a fair whack to be refunded.

That's gutting, but at least you've had it seen to.

[Thor]

Shame to see such a High St name disappear. The early & colonial era history of the firm is fascinating.

On unrelated -but still travel - news, I’ve got to cancel my month-long Peru/Galapagos jaunt that we were due to start this weekend. Had a bit of an unexplained ache-y leg for a few days. Had it scanned and turns out I have a dvt. My first one 19 years ago almost saw me off but no issues since then. So grounded for a month by the doc, and now on blood thinners for life. Absolutely gutted. Let’s see if my travel Insurance policy is any good for paying up now...it’s a fair whack to be refunded.

You should be ok. My wife's grandad had what was described as a life and death operation several years ago and we were due to go to the Caneries a couple of days later, we cancelled and spoke to the insurance company
We had to get a letter from the hospital stating what they said and confirmed the diagnosis and they paid out in full.

Good luck, hope you feel better and get your money back.

[StillSpike]

Shame to see such a High St name disappear. The early & colonial era history of the firm is fascinating.

On unrelated -but still travel - news, I’ve got to cancel my month-long Peru/Galapagos jaunt that we were due to start this weekend. Had a bit of an unexplained ache-y leg for a few days. Had it scanned and turns out I have a dvt. My first one 19 years ago almost saw me off but no issues since then. So grounded for a month by the doc, and now on blood thinners for life. Absolutely gutted. Let’s see if my travel Insurance policy is any good for paying up now...it’s a fair whack to be refunded.

Very sorry to hear that, but at least they've found it now before a potential emergency. Hope you get sorted with the Insurance co.