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Thomas Cook collapses
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Old 23-09-2019, 21:32   #31
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Re: Thomas Cook collapses

Badly run company fails.............
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Old 24-09-2019, 08:26   #32
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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.
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Old 24-09-2019, 08:34   #33
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Re: Thomas Cook collapses

Quote:
Originally Posted by jfman View Post
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.
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Old 24-09-2019, 09:38   #34
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Re: Thomas Cook collapses

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Originally Posted by denphone View Post
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.
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Old 24-09-2019, 13:25   #35
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Re: Thomas Cook collapses

Quote:
Originally Posted by jfman View Post
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.
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Old 24-09-2019, 19:37   #36
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Re: Thomas Cook collapses

What a wonderful world we live in....
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Old 25-09-2019, 12:27   #37
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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.
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Old 25-09-2019, 14:07   #38
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Re: Thomas Cook collapses

Quote:
Originally Posted by papa smurf View Post
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.
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Old 25-09-2019, 15:17   #39
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Re: Thomas Cook collapses

Quote:
Originally Posted by denphone View Post
Some financial details on Thomas Cook.

https://www.cityam.com/thomas-cook-t...tter+June+2019
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.
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Old 25-09-2019, 15:21   #40
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Re: Thomas Cook collapses

Quote:
Originally Posted by Mythica View Post
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
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Old 25-09-2019, 15:25   #41
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Re: Thomas Cook collapses

Quote:
Originally Posted by nomadking View Post
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.
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Old 25-09-2019, 17:06   #42
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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.
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Old 25-09-2019, 21:29   #43
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Re: Thomas Cook collapses

Quote:
Originally Posted by denphone View Post
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.
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Old 25-09-2019, 22:54   #44
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Re: Thomas Cook collapses

Quote:
Originally Posted by Paul View Post
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
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Old 25-09-2019, 23:12   #45
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Re: Thomas Cook collapses

Quote:
Originally Posted by denphone View Post
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
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