Thomas Cook gone bust!

GeoffCapes · Sep 23, 2019

So Thomas Cook have finally gone belly up!

So what does that mean for the UK holiday industry?

For a packaged holidays most went to TC or TUI. Does this mean prices shoot up? Or fall?
Those holidays have to go somewhere!

We literally booked a holiday with Jet2 yesterday afternoon, and the woman I booked it with said they had been flat out for the last few days with loads booking with them.

conaero · Sep 23, 2019

Our Frank/Moderator/FCZ360 is away with TC at the moment and currently no return flight so I guess we will see.

philw696 · Sep 23, 2019

Going to be the biggest peace time repatriation of people I have read.
Certainly interesting times.

Contigo · Sep 23, 2019

conaero said:
Our Frank/Moderator/FCZ360 is away with TC at the moment and currently no return flight so I guess we will see.

He's booked on a flight now. It will all be sorted out.

Wanderer · Sep 23, 2019

jasst · Sep 23, 2019

Such a shame that yet another British Icon has gone under, went with them last year for the first time as had got fed up with TUI, and were really pleased, lucky we haven't got anything booked for this year owing to 3 car purchases, but would certainly have been with Thomas Cook if we had been in position to go.

CatmanV2 · Sep 23, 2019

Simon Calder said prices will rise. I dunno. Only ever used Trailfinders about 10 years back

C

Scaf · Sep 23, 2019

Someone has a lot to answer for, this collapse has been on the cards for years with no deliverable recovery plan I place.

I am quite sure it will be bought out of administration once the lenders and investors have taken a bath, sad thing it’s likely those behind the collapse will behind the reinvented business and make a fortune.

One big merry go round!

Nayf · Sep 23, 2019

Their HQ is next door to ours. I feel so sorry for the staff.
£20m of bonuses paid to directors over the past few years, despite the share price slump. One does wonder what for...

MrMickS · Sep 23, 2019

Unsustainable business model with debt that they had previously refinanced. Instead of taking those opportunities to make difficult decisions to fix the business it looks as though they carried on as before.

Feel sorry for the staff, hopefully they will be able to find other work. Directors should have some liability though, such as paying back bonuses given by a loss making company.

Corranga · Sep 23, 2019

If the above couple of posts are true, the directors should be locked up. Taking bonuses and leaving customers stranded. £20mil would go some ways towards flying their customers home...

hunta · Sep 23, 2019

jasst said:
...we haven't got anything booked for this year owing to 3 car purchases...

There's a moral there somewhere.

Nayf · Sep 23, 2019

Corranga said:
If the above couple of posts are true, the directors should be locked up. Taking bonuses and leaving customers stranded. £20mil would go some ways towards flying their customers home...

They’re ABTA protected so customers will be covered. The hoteliers - who haven’t been paide for three months - and the staff, who won’t be. The latter have been sent home - it’s such a sad sight watching 1000 people leave.

Contigo · Sep 23, 2019

Bosses been paid £8m salaries for years etc... is it right?

Scaf · Sep 23, 2019

Nayf said:
They’re ABTA protected so customers will be covered. The hoteliers - who haven’t been paide for three months - and the staff, who won’t be. The latter have been sent home - it’s such a sad sight watching 1000 people leave.

If you are seeing people turned round and leaving the building that must be a sad sight.

I have a friend stuck in Greece, but he paid by credit card so has given the hotel his credit card as security and has 10 days holiday he is going to enjoy, hopefully they will have flights sorted by then.

His view is that ABTA / his credit card or his insurance will come good one way or another.

MarkMas · Sep 23, 2019

It is a tried and tested business model. Buy a big crappy business for £1, pay yourself £10m a year for a few years to 'rescue' it, and then throw in the towel and let the state pick up the pieces.

https://www.birminghammail.co.uk/news/midlands-news/mg-rover-bosses-1-million-7995141

Nayf · Sep 23, 2019

Writing was on the wall when they sold their original HQ and moved in next door renting from CBRE. Spent a fortune creating car parks/refurbishing building (ex More Than). Four years later...

daverichardson · Sep 23, 2019

I don't know, but, did they move with the times?
Internet bookings etc possible lack of investment in WWW.
As we all know the high street is in death throes and we are the culprits

midlifecrisis · Sep 23, 2019

Governement have ordered an investigation and someone will be found guilty but nothing will happen. Meanwhile fat cats light cigars with tenners.

mjheathcote · Sep 23, 2019

We went to Cuba earlier in the year with TC, a destination that is a package holiday. Were very good. Booked on-line.
They have a shop in Holmfirth, only call in to collect on-line prebooked currency. Always empty, maybe on occasion an old retired couple booking a holiday. Two other travel agents closed their doors on the same highstreet years ago.

Thomas Cook gone bust!

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