Thomas Cook (1 Viewer)

Wyken Sky Blue · Sep 23, 2019

Last ditch failedast night and have ceased trading with immediate affect.

Thomas Cook collapses as rescue talks fail

150,000 Brits currently holidaying with them at present will be brought home paised by the government.

Anybody affected by this?

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Robccfc87 · Sep 23, 2019

In Portugal on package as we speak, thankfully already halfway through so reps here are saying only difference will be flight home with someone else. Wouldn't mind being stuck here for an extended break though!!!! I think people who are due to fly out from today are most affected.

fernandopartridge · Sep 23, 2019

No, I've not felt the need to book with an agent for 15 years. Shame for the staff but having read a bit about it, it all goes back to an utter moron of a CEO they had in the early to mid noughties, who burdened them with ridiculous levels of debt (not that the banks who lent it to them are faultless). Spiv Britain strikes again.

Mcbean · Sep 23, 2019

John McDonnell on the radio this morning saying the government should have supported it .

OffenhamSkyBlue · Sep 23, 2019

Mcbean said:
John McDonnell on the radio this morning saying the government should have supported it .

Yeah, i heard that - what a tosser (generally, but more specifically on this point!). It's no different to the government being asked to prop up BHS against an unscrupulous owner. Cannot set this precedent.

Mcbean · Sep 23, 2019

OffenhamSkyBlue said:
Yeah, i heard that - what a tosser (generally, but more specifically on this point!). It's no different to the government being asked to prop up BHS against an unscrupulous owner. Cannot set this precedent.

He is a tosser of the highest order - he followed it with talking about closing all the private schools - this is a man who was binned by red ken

OffenhamSkyBlue · Sep 23, 2019

Robccfc87 said:
In Portugal on package as we speak, thankfully already halfway through so reps here are saying only difference will be flight home with someone else. Wouldn't mind being stuck here for an extended break though!!!! I think people who are due to fly out from today are most affected.

Enjoy your holiday Rob - the CAA programme will get you home at more-or-less the same time (sadly for you!). Anyone who was due to fly from today will not be flying - but may well get their money back if they have got an ATOL or ABTA protected holiday (probably NOT if they booked a flight only).

What i'd like to know is, given that the CAA's director said on the radio this morning that they have a fleet of rescue aircraft "about the same size as Thomas Cook's", what is wrong with them using the ACTUAL Thomas Cook fleet, which is presumably grounded? And they could contract all the pilots and flight crew from Thomas Cook on quite ridiculous sums for less than chartering 40 planes.

Anyone know why not?

Mcbean · Sep 23, 2019

Those planes are now potentially the property of the government receiver so it could be that they use them but I think flight readiness is a more complicated thing !

fernandopartridge · Sep 23, 2019

OffenhamSkyBlue said:
Enjoy your holiday Rob - the CAA programme will get you home at more-or-less the same time (sadly for you!). Anyone who was due to fly from today will not be flying - but may well get their money back if they have got an ATOL or ABTA protected holiday (probably NOT if they booked a flight only).

What i'd like to know is, given that the CAA's director said on the radio this morning that they have a fleet of rescue aircraft "about the same size as Thomas Cook's", what is wrong with them using the ACTUAL Thomas Cook fleet, which is presumably grounded? And they could contract all the pilots and flight crew from Thomas Cook on quite ridiculous sums for less than chartering 40 planes.

Anyone know why not?

I was thinking about this, maybe the aircraft is leased or maybe it isn't now licensed to fly until transferred to a new owner who can verify that its fit to fly?

chiefdave · Sep 23, 2019

fernandopartridge said:
I was thinking about this, maybe the aircraft is leased or maybe it isn't now licensed to fly until transferred to a new owner who can verify that its fit to fly?

Even if it was signed off to fly they'd need pilots and cabin crew who would all be employees of Thomas Cook.

Liquid Gold · Sep 23, 2019

Was supposed to fly with them tomorrow. Bastards.

CovInEssex · Sep 23, 2019

Wonder why none of the other operators around the world picked them up, already got a massive market sector.

Balance sheet must've been absolutely fucked.

Terry Gibson's perm · Sep 23, 2019

CovInEssex said:
Wonder why none of the other operators around the world picked them up, already got a massive market sector.

Balance sheet must've been absolutely fucked.

Easier just to get all of their ex customers without the burden of debt and staff.

Deleted member 5849 · Sep 23, 2019

Liquid Gold said:
Was supposed to fly with them tomorrow. Bastards.

Better that than turning up at the airport to find they'd gone pop!

Anyway, sure the Britannia in Birmingham has rooms if you fancy an alternative holiday...

Mcbean · Sep 23, 2019

If you were going tomorrow you should be covered by atol or abta unless it was flight only which seems more difficult

Gazolba · Sep 23, 2019

Sad news, they've been in business since 1841.
The only experience I ever had with them was going to their office in Ball Hill to buy some foreign currency.
And they gave me a terrible rate.
Anyone remember Court Line?
I did fly with them. They went out of business in similar fashion.
Their planes were painted pastel colours and the flight attendants wore matching outfits.

skybluesam66 · Sep 23, 2019

Booked with Tui a couple of months ago. By then it was clear Thomas Cook were screwed. They were giving silly discounts. Fortunately tui price matched them

ccfc92 · Sep 23, 2019

The Government and Brexit being blamed.... :facepalm:

fernandopartridge · Sep 23, 2019

skybluesam66 said:
Booked with Tui a couple of months ago. By then it was clear Thomas Cook were screwed. They were giving silly discounts. Fortunately tui price matched them

How was it a silly discount if it could be price matched?

fernandopartridge · Sep 23, 2019

ccfc92 said:
The Government and Brexit being blamed.... :facepalm:

It is ridiculous to try and say Brexit hasn't had an impact even if it isn't the main reason. They are an intermediary selling holiday packages in £ but buying packages in other currencies. The £ has devalued significantly against the € and $ over the past 3 years.
I'm so bored of this myopic "oh they're blaming Brexit" - it seems so convenient but perhaps that's because it's true

shepardo01 · Sep 23, 2019

A real shame. A name synonymous with holidays ever since I can remember.
"Don't just book it, Thomas Cook it!"
Seemingly a bit out of the blue too. (Unless I am mistaken?) Feel for all the people who have lost jobs in the blink of any eye....
On the other hand, James Raffell must be rubbing his hands together.... (I'll get my coat....)

Sky Blue Pete · Sep 23, 2019

Mcbean said:
John McDonnell on the radio this morning saying the government should have supported it .

In public ownership from 48 to mid 70’s why not again

skybluesam66 · Sep 24, 2019

fernandopartridge said:
How was it a silly discount if it could be price matched?

Sometimes stores have revenue targets. They would rather have the sale with little or no margin rather than lose it. 2 other tui stores couldn’t go near the price

Mcbean · Sep 24, 2019

Sky Blue Pete said:
In public ownership from 48 to mid 70’s why not again

Thomas Cook ?

Robccfc87 · Sep 24, 2019

skybluesam66 said:
Booked with Tui a couple of months ago. By then it was clear Thomas Cook were screwed. They were giving silly discounts. Fortunately tui price matched them

No wonder I got a good deal!! To be honest it's not on my list of questions when I'm booking a holiday: Where? is hotel nice? is food good? is there stuff to do? oh and is your company going down the shitter?!!!!

Grendel · Sep 24, 2019

Sky Blue Pete said:
In public ownership from 48 to mid 70’s why not again

Would be illegal under Eu rules regarding nationalisation and why on earth would you want to anyway?

Deleted member 5849 · Sep 24, 2019

Grendel said:
Would be illegal under Eu rules regarding nationalisation and why on earth would you want to anyway?

Looking forward to a Brexit where the state can control all our industries already.

As it happens, I kind of agree that a holiday company is low down the list of what should be nationalised. Interesting perspective on the radio earlier however, that pointed out they'll be spending £100mil flying people back, so in that context the £200mil they wanted wasn't so bad. Also suggested German travel companies had been bailed out (although I wasn't listening closely enough to hear who) and, more worryingly, that some of Thomas Cook's own shareholders were taking short positions on the stock market, to take a profit on the company failing.

The latter one makes me uncomfortable, especially if it makes the failure of a business a self-fulfilling prophecy. That being said, the chap on the radio was involved with Thomas Cook, so came with a skewed perspective.

Mcbean · Sep 24, 2019

100 mil a one off -half payed for by the fund we all chuck into - 200 mill chucking into a bottomless pit - brain dead decision - sadly for the 9000 employees - we are all part of it by paying cheap prices when the currency has been up and down like a yo yo , our weather and politics playing a part - someone yesterday said that they had 1 mill bookings to sort out - now if they were not making money someone was taking it out - cue outrage for directors and management remuneration

fernandopartridge · Sep 24, 2019

Can't open the accounts for y/e Sept 2018, the year before shows what utter gobshites senior people in the corporate world are. CEO got a bonus of 150% of his £770k annual salary in 2018,117% in 2017. CFO got 150% of his base salary.

This executive class and their cosy remuneration committees are robbing everybody.

fernandopartridge · Sep 24, 2019

The CFO bonus for was issuing a new bond which has ultimately led to their demise

SBAndy · Sep 24, 2019

fernandopartridge said:
The CFO bonus for was issuing a new bond which has ultimately led to their demise

But if you don’t incentivise these roles with uncapped bonuses how will you ever attract the best people at making inept decisions?

Mcbean · Sep 24, 2019

SBAndy said:
But if you don’t incentivise these roles with uncapped bonuses how will you ever attract the best people at making inept decisions?

Yes ex politicians like Bercow , Cameron - insert name here

Sky_Blue_Dreamer · Sep 24, 2019

Deleted member 5849 said:
Looking forward to a Brexit where the state can control all our industries already.

As it happens, I kind of agree that a holiday company is low down the list of what should be nationalised. Interesting perspective on the radio earlier however, that pointed out they'll be spending £100mil flying people back, so in that context the £200mil they wanted wasn't so bad. Also suggested German travel companies had been bailed out (although I wasn't listening closely enough to hear who) and, more worryingly, that some of Thomas Cook's own shareholders were taking short positions on the stock market, to take a profit on the company failing.

The latter one makes me uncomfortable, especially if it makes the failure of a business a self-fulfilling prophecy. That being said, the chap on the radio was involved with Thomas Cook, so came with a skewed perspective.

It does seem a huge flaw in the entire system that people can set themselves up to benefit from something failing by taking positions like short-selling. It was one of the first things that made me look into how the entire system works and whether it's fit for purpose.

It should be at most that if you think a business is going to fail you can sell your stock and buy into a competitor. Being able to actively profit from a falling share price shouldn't be possible.

I'm assuming your opening sentence was a bit tongue in cheek. However it would almost be funny if hardcore free-marketeers like Farage, JRM and Alexander accidentally brought about state control of industry through Brexit!

Sky_Blue_Dreamer · Sep 24, 2019

Grendel said:
Would be illegal under Eu rules regarding nationalisation and why on earth would you want to anyway?

For once I agree. Don't think the state should be running things like holiday companies. But mainly because the state would provide the cash to get it up and running and it'd end up being privatised again and the govt would once again get advice setting the IPO way below value and the private sector making a quick fat profit. Cost in the public domain, profits in the private.

So it does also seem there are EU rules you agree with then.

ccfc92 · Sep 24, 2019

fernandopartridge said:
It is ridiculous to try and say Brexit hasn't had an impact even if it isn't the main reason. They are an intermediary selling holiday packages in £ but buying packages in other currencies. The £ has devalued significantly against the € and $ over the past 3 years.
I'm so bored of this myopic "oh they're blaming Brexit" - it seems so convenient but perhaps that's because it's true

It may be a factor, but it is not the sole reason for it's collapse is it? I am so bored of Brexit being the go to blame for everything that happens.

Maybe the company was in the toilet before Brexit was even voted for and the directors taking out multi million pound bonuses was what finished it off?

Also, the Government being blamed for not bailing out an insolvent travel company? If they did bail them out, Labour/opposition would then be bleating about wasting tax payers money.

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