OhNoCB
Well said, the company is essentially banking that stockpiling cash now (through cheap debt) it will be in a position to emerge from this pandemic in a position of strength and be able to expand rapidly in the recovery. Will it pay off? I don't know but it has a couple of advantages:
Space for expansion in the UK (BRS being the first example), strong customer loyalty both before and through the pandemic due to their quick refund response.
In my opinion they lack any real competition in what they do so do not fear a collapse anytime soon, TUI are indeed a behemoth but have so many plates to keep spinning I'm not sure they can focus on flight/package enough to ever really hurt JET2 and the proposed easyJet holiday expansion has probably been delayed by the stresses of the pandemic. On the beach and all of these holiday sites will have been devastated by the pandemic and their initial poor response to customer refunds I think both TUI and JET2 will essentially absorb their customers in house over the next few years.
Hopefully greener times await us all.