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Thomas Cook has done one


Dave-G
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I've often felt foreign holidays are too cheap to sustain a realistic profit compared to the size of the airlines and the huge amount of money tied up.

Well the worries that TJ's might go has come about - they've bit the dust and I rather hope this makes airlines up their prices to become more profitable and maybe that will lead to more holidays in this country - with a bit less pollution as a bonus.

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Their problem was that they were probably too expensive rather than cheap compared to Easy jet and Ryan air ,none of whom I believe had high street shops to prob up like TCs had ,I can honestly say I’ve never used a travel agent for holidays always booked flights and hotels ourselves,why pay someone else to do what we can and I’m guessing a lot of other people have done they same ,great shame for their employees though 

a work mate has just lost £5k for a hol to Mexico he was due to go on next week to TCs,hes unsure if he will get his money back

Edited by sam triple
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Inevitable due to changing shopping habits and use of the internet. It just so happens this one has taken longer than others.....

 

In airports, TC planes landed before the budget airlines and also departed well after, combine that with the current financial situation, it was inevitable....

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4 hours ago, sam triple said:

Their problem was that they were probably too expensive rather than cheap compared to Easy jet and Ryan air ,none of whom I believe had high street shops to prob up like TCs had ,I can honestly say I’ve never used a travel agent for holidays always booked flights and hotels ourselves,why pay someone else to do what we can and I’m guessing a lot of other people have done they same ,great shame for their employees though 

a work mate has just lost £5k for a hol to Mexico he was due to go on next week to TCs,hes unsure if he will get his money back

hello, should be as a stated this morning through ABTA or ATOL, and maybe if paid with credit card,

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1 hour ago, bostonmick said:

This in part is payback I guess for years of cheap package holidays. People in the past saying how they got all inclusive for a few hundred pounds all over the world. Hopefully this will bring about the true cost of holidays and work on the theory if you can't afford it you can't have it. 

That's a better choice of wording than my opening post. :good:

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1 hour ago, bostonmick said:

This in part is payback I guess for years of cheap package holidays. People in the past saying how they got all inclusive for a few hundred pounds all over the world. Hopefully this will bring about the true cost of holidays and work on the theory if you can't afford it you can't have it. 

 

8 minutes ago, Dave-G said:

That's a better choice of wording than my opening post. :good:

But what will the benefit generation from the sink estates do for relaxation now?

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Problem was not the holidays or their cost but the aquisition/merger of MyTravel resulting in acquisition of debts which with the ongoing through the 2010's additional  acquisitions resulted in an annual 25% of revenue going to service interest which is unsustainable, so basically 15 years  of **** poor management killed the company.

 

Edited by Stonepark
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3 hours ago, Stonepark said:

Problem was not the holidays or their cost but the aquisition/merger of MyTravel resulting in acquisition of debts which with the ongoing through the 2010's additional  acquisitions resulted in an annual 25% of revenue going to service interest which is unsustainable, so basically 15 years  of **** poor management killed the company.

 

This.  Thomas Cook have been dreadfully managed and the acute problems have been telegraphed since 2011 at least.

Also market conditions offer very similar challenges that caused BHS to go pear shaped, why most of Philip Green’s empire is crumbling and why M&S are very soon going to end up on the critical care list.

John Lewis are drifting towards that zone too.

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I cannot quite work out why it is the tax payers responsibility to bring folks home. Surely those that have travel insurance should claim on that along with the oft advertised ATOL (flight based holidays) and ABTA (non flight based holidays) which I thought TC were signed up to and £1 or some such like of every holiday goes to ATOL/ABTA to repatriate in these circumstances?

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14 minutes ago, crazycooker said:

Just seen on the news £600 million to us the tax payer to bring everyone home and 1000s our of work  

or bail em out for £200 million 

mmmmmm

The £600m number is not what the cost to UK tax payer will be, it is around £100m.

The £200m was what their banks asked for to support the business until the Chinese investor/largest shareholder ponied up with another £800m.

The Chinese investor may not have added to their holding at all.

As Mick said, the debt of TC amounted to £2bn. 

16 minutes ago, 243deer said:

I cannot quite work out why it is the tax payers responsibility to bring folks home. Surely those that have travel insurance should claim on that along with the oft advertised ATOL (flight based holidays) and ABTA (non flight based holidays) which I thought TC were signed up to and £1 or some such like of every holiday goes to ATOL/ABTA to repatriate in these circumstances?

The UK taxpayer share of the total bill is small (relatively) compared to what will be spent by those you reference.

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