23-09-2019, 21:32
|
#31
|
The Dark Satanic Mills
Join Date: Dec 2003
Location: floating in the ether
Posts: 12,041
|
Re: Thomas Cook collapses
Badly run company fails.............
__________________
The wheel's still turning but the hamsters dead.
|
|
|
24-09-2019, 08:26
|
#32
|
Architect of Ideas
Join Date: Dec 2004
Posts: 10,366
|
Re: Thomas Cook collapses
It was hardly badly run, it ran up huge debts while handing out money right left and centre to shareholders and directors. All profiting from mergers and acquisitions along the way. That's what a company is run for, is it not? Squeezing money out for shareholders.
|
|
|
24-09-2019, 08:34
|
#33
|
Still alive and fighting
Join Date: Jun 2007
Location: In the land of beyond and beyond.
Services: XL BB, 3 360 boxes , XL TV.
Posts: 56,308
|
Re: Thomas Cook collapses
Quote:
Originally Posted by jfman
It was hardly badly run, it ran up huge debts while handing out money right left and centre to shareholders and directors. All profiting from mergers and acquisitions along the way. That's what a company is run for, is it not? Squeezing money out for shareholders.
|
Fat cats spring to mind yet again as l have nothing against money being shared out when a company is doing well financially but the company had been in financial trouble for nearly a decade..
Quote:
Manny Fontenla-Novoa, who led the acquisition spree that saddled the company with more than £1bn of debt, was handed more than £17m in just over four years as boss of Thomas Cook, boosted by bonuses awarded for slashing 2,800 jobs following the merger with MyTravel. He quit in 2011 as the tour operator came close to collapse.
|
Quote:
His successor was Harriet Green, who was paid £4.7m for less than three years plus a share bonus worth a further £5.6m.
|
Quote:
Peter Fankhauser, who was in charge when the company collapsed, was handed £8.3m, including £4.3m in bonuses.
|
__________________
“The only lesson you can learn from history is that it repeats itself”
|
|
|
24-09-2019, 09:38
|
#34
|
Architect of Ideas
Join Date: Dec 2004
Posts: 10,366
|
Re: Thomas Cook collapses
Quote:
Originally Posted by denphone
Fat cats spring to mind yet again as l have nothing against money being shared out when a company is doing well financially but the company had been in financial trouble for nearly a decade..
|
That's capitalism Den, as long as you're not the one left holding the baby them the job is a good one. Creditors and Government will take the hit, partially cover the pension scheme, etc.
|
|
|
24-09-2019, 13:25
|
#35
|
vox populi vox dei
Join Date: Mar 2007
Location: the last resort
Services: every thing
Posts: 13,739
|
Re: Thomas Cook collapses
Quote:
Originally Posted by jfman
That's capitalism Den, as long as you're not the one left holding the baby them the job is a good one. Creditors and Government will take the hit, partially cover the pension scheme, etc.
|
That's assuming it hasn't already been emptied on the quiet.
__________________
To be or not to be, woke is the question Whether 'tis nobler in the mind to suffer. The slings and arrows of outrageous wokedome, Or to take arms against a sea of wokies. And by opposing end them.
|
|
|
24-09-2019, 19:37
|
#36
|
Permanently Banned
Join Date: Jan 2012
Location: Near France
Services: Tivo XL
150mb broadband
L phone
Posts: 1,817
|
Re: Thomas Cook collapses
What a wonderful world we live in....
|
|
|
25-09-2019, 12:27
|
#37
|
Still alive and fighting
Join Date: Jun 2007
Location: In the land of beyond and beyond.
Services: XL BB, 3 360 boxes , XL TV.
Posts: 56,308
|
Re: Thomas Cook collapses
Some financial details on Thomas Cook.
https://www.cityam.com/thomas-cook-t...tter+June+2019
Quote:
In a High Court witness statement, now-former chief executive Peter Fankhauser said the firm had a balance sheet deficit of more than £3bn.
|
__________________
“The only lesson you can learn from history is that it repeats itself”
|
|
|
25-09-2019, 14:07
|
#38
|
cf.geek
Join Date: Dec 2013
Posts: 956
|
Re: Thomas Cook collapses
Quote:
Originally Posted by papa smurf
People don't tend to go into a travel agents shop any more,they organise the holiday flights/ hotel /food etc themselves [on tinterweb ]and save lots of money doing so, the business model for TC is not compatible with the world we now live in.
|
Part of that simply isn't true. While less and less people are going into shops people are still booking package holidays online with tour operators. It's not necessarily true that it's cheaper to book separately and go independent.
|
|
|
25-09-2019, 15:17
|
#39
|
cf.mega poster
Join Date: Apr 2004
Location: Northampton
Services: Virgin Media TV&BB 350Mb,
V6 STB
Posts: 7,864
|
Re: Thomas Cook collapses
Quote:
Originally Posted by denphone
|
But how much of that debt originated from decisions taken more than 10
years ago?
Link
Quote:
Its history left it with expensive overheads - hundreds of shops and thousands of staff.
Acquisitions left it with high debt levels, and little ability to respond to the headwinds of the travel market. Hurricanes, heatwaves and currency fluctuations have hit the company hard over the last few years.
"I think the reasons are very complex," says Amie Keeley, the head of news at Travel Weekly.
She cites some "questionable decisions" years ago, when the company was under a different management and decided to expand its shop network at a time when more people were going online.
|
A large chunk of the debt is related to MyTravel, bought in 2007.
Quote:
Its next owner in 2001 was another German company, C&N Touristic AG, which quickly rebranded the whole business as Thomas Cook. And in 2007 the company merged with MyTravel - owner of the Airtours and Going Places brands - and became known as the Thomas Cook Group.
More acquisitions of shops and travel businesses, including websites, continued across the world.
|
Link
Quote:
In May, the group reported a £1.5bn loss, with more than £1bn written off from the 2007 merger with MyTravel – better known for its brands Airtours and Going Places.
|
|
|
|
25-09-2019, 15:21
|
#40
|
vox populi vox dei
Join Date: Mar 2007
Location: the last resort
Services: every thing
Posts: 13,739
|
Re: Thomas Cook collapses
Quote:
Originally Posted by Mythica
Part of that simply isn't true. While less and less people are going into shops people are still booking package holidays online with tour operators. It's not necessarily true that it's cheaper to book separately and go independent.
|
Ok point noted
__________________
To be or not to be, woke is the question Whether 'tis nobler in the mind to suffer. The slings and arrows of outrageous wokedome, Or to take arms against a sea of wokies. And by opposing end them.
|
|
|
25-09-2019, 15:25
|
#41
|
Still alive and fighting
Join Date: Jun 2007
Location: In the land of beyond and beyond.
Services: XL BB, 3 360 boxes , XL TV.
Posts: 56,308
|
Re: Thomas Cook collapses
Quote:
Originally Posted by nomadking
But how much of that debt originated from decisions taken more than 10
years ago?
Link
A large chunk of the debt is related to MyTravel, bought in 2007.
Link
|
A substantional amount l would say.
__________________
“The only lesson you can learn from history is that it repeats itself”
|
|
|
25-09-2019, 17:06
|
#42
|
cf.geek
Join Date: Dec 2013
Posts: 956
|
Re: Thomas Cook collapses
I also dislike this EU compensation law, it just seems ridiculous and cant be helping the situation.
Last edited by Mythica; 25-09-2019 at 18:32.
|
|
|
25-09-2019, 21:29
|
#43
|
Dr Pepper Addict
Cable Forum Team
Join Date: Oct 2003
Location: Nottingham
Age: 61
Services: Flextel SIP : Sky Mobile : Sky Q TV : VM BB (1000 Mbps) : Aquiss FTTP (330 Mbps)
Posts: 27,730
|
Re: Thomas Cook collapses
Quote:
Originally Posted by denphone
Indeed we do have a beautiful coastline in this country especially down in Devon and Cornwall.
|
But not the weather to go with it, thats one of the problems.
Its also quite expensive, you can book a holiday in Spain for the same [or less] as one in Devon.
__________________
Baby, I was born this way.
|
|
|
25-09-2019, 22:54
|
#44
|
cf.mega poster
Join Date: Feb 2012
Posts: 4,425
|
Re: Thomas Cook collapses
Quote:
Originally Posted by Paul
But not the weather to go with it, thats one of the problems.
Its also quite expensive, you can book a holiday in Spain for the same [or less] as one in Devon.
|
Probably quicker to get there as well
__________________
Unifi Express + BT Whole Home WiFi | VM 1Gbps
|
|
|
25-09-2019, 23:12
|
#45
|
cf.mega poster
Join Date: Dec 2013
Posts: 14,231
|
Re: Thomas Cook collapses
Quote:
Originally Posted by denphone
A substantional amount l would say.
|
Co-op pulled a blinder when they sold their travel agents chain to Thomas Cook. In December 2016 - therefore recently - Thomas Cook paid £56m to buy out the Co-operative in the joint venture, the two companies having previously merged their travel agency chains.
https://news.sky.com/story/co-op-tra...-sale-10685097
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT +1. The time now is 22:25.
|