The short answer is unbelievably poor management of the Thomas Cook Group by the previous board (who have mostly now been removed). The sad tale of the demise of TC is well documented in the press, but it was the inability of the UK tour operator to sell holidays at a profit which did for them. The UK airline (which is a small cog) was quite tightly run and probably turned a small profit, bearing in mind that it had little control over the price it sold its seats at, which was set by the tour operator. The German and Scandi tour operations are successful in their own right, so unsurprisingly the new model is increasingly mirroring their operation. History is littered with travel companies that expand rapidly the collapse, usually by virtue of poor management. As we stand, the current group management have the backing of the City and appear to have an expansionist and innovative approach to the group airlines working together. So far, so good! We all wait with baited breath to see if it works out.