Thomas Cook-2
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Thomas Cook to meet creditors in final bid for £1bn rescue
https://news.sky.com/story/thomas-co...escue-11816496
https://news.sky.com/story/thomas-co...escue-11816496
Join Date: Mar 2018
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The Irony of the fact that at 9am tomorrow the last ditch talks take place at the offices of "Slaughter & May" is shocking of itself. Despite the unfortunate name, the firm is known as the best asset strippers in the business. Sorry DOCQ , you're looking like that geezer what did Saddam Hussain's PR during the second gulf war, who said that Baghdad was safe, as American tanks drove up the street behind him on live TV.
Not at all but staff in these situations will resort to their conscience. They have been in a communication vacuum and as time goes on they lose faith. Thomas Cook have already lost consumer confidence which is almost terminal damage, it’s staff giving up hope seals it’s fate. I hope I’m wrong.
Join Date: Aug 2000
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1. With regards to the previous posts with regards to Redundancy payments by the government.
Yes there is a max figure per week and it is all worked out with regards to length of service and your age.
The payment is paid NI & Tax free.
2. Why should the UK Government rescue the TCG, the majority of their business within the the UK, is providing holidays outside of the UK.
The UK wants people taking holidays within the UK and spending their money within the UK, not outside of the UK.
I am saying this as someone who spent his working life tied up within holiday companies and airlines that supply the same type of product that TCG provides.
I do wish all TCG staff the best of luck.
Yes there is a max figure per week and it is all worked out with regards to length of service and your age.
The payment is paid NI & Tax free.
2. Why should the UK Government rescue the TCG, the majority of their business within the the UK, is providing holidays outside of the UK.
The UK wants people taking holidays within the UK and spending their money within the UK, not outside of the UK.
I am saying this as someone who spent his working life tied up within holiday companies and airlines that supply the same type of product that TCG provides.
I do wish all TCG staff the best of luck.
Join Date: Oct 2005
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I listened to the head of TSSA on the radio this morning. He very sensibly pointed out that the most important thing the government should remember while dithering is that, should TC go down, that will effectively leave a monopoly situation re package holiday and that monopoly will be with TUI. I know Jet2 could be considered but I think he was right, TUI would trump the lot.
Tui UK has an Atol for 5,678,163 protected seats
Jet2holidays for 3,810,320 seats
Thomas Cook is the third largest at 2,471,042
I wouldn't call that a monopoly.
Join Date: Aug 2006
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Join Date: Oct 2005
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Licence holder (and passengers licensed)
TUI UK Ltd - 5,678,163
Jet2holidays - 3,810,320
Thomas Cook Tour Operations Ltd - 2,471,042
On The Beach Ltd - 1,302,261
Expedia, Inc - 1,178,450
British Airways Holidays Ltd - 939,802
We Love Holidays Ltd - 804,618
easyJet Airline Company Ltd - 705,020
BravoNext SA - 568,096
Travel Republic Ltd - 554,102
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there's nothing worth rescuing here now. it's be like throwing good money after bad. i feel sorry for the staff though. i know from personal experience what all this feels like. it went fairly close to the wire in 2011/12 and its predecessor MyTravel very nearly went the same way in 2006. i think it's in it's DNA now. I remember reading an article from CitiGroup back in may (when shares hit 10p) saying the shares were worthless. how right they were. any expense repatriating stranded people should be covered by the ATOL levy. and IF they do fold, whilst TUI and Jet2 would remain as the dominant market players, the way holidays are sold now is evolving in a way that differs from before the tinternet existed and it was all just big tour operators. There would be no monopoly as some are suggesting (as the reason to keep tcx afloat).
Join Date: Mar 2018
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there's nothing worth rescuing here now. it's be like throwing good money after bad. i feel sorry for the staff though. i know from personal experience what all this feels like. it went fairly close to the wire in 2011/12 and its predecessor MyTravel very nearly went the same way in 2006. i think it's in it's DNA now. I remember reading an article from CitiGroup back in may (when shares hit 10p) saying the shares were worthless. how right they were. any expense repatriating stranded people should be covered by the ATOL levy. and IF they do fold, whilst TUI and Jet2 would remain as the dominant market players, the way holidays are sold now is evolving in a way that differs from before the tinternet existed and it was all just big tour operators. There would be no monopoly as some are suggesting (as the reason to keep tcx afloat).
Yes its sad for the staff of the UK company, and also for the Condor ops and the TC Nordic ops.
If those countries felt that there was something worth saving for their citizens, they would have put up offers for them
The Germans have not mounted a rescue for TC in respect of Condor
The Nordics (Norway and Sweden) have not mounted a rescue for the Nordic operations.
The Europeans clearly see the writing on the wall for this business, as do I, and as do the city. The share price says it all. Its over. It's sad, it's a loss to the British industry, but that is that.
To the chap that is absolutely hellbent on a rescue.... let me ask you this.... if the British government rescued every failing business, where would we be? Woolworths? yes? Zavvi? Yes? XL Airways? Yes? BHS? Yes? What's next? shall we nationalise Debenhams, Sainsburys and Asda on the quicktime before they go bust???
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I wouldn't underestimate the rate at which you might see Easyjet expand into this market place. The top echelons of the company are now predominantly ex-TUI brought in by the CEO.
Between Jet2 and Easy the gap would be filled within 18 months and a lot of the staff would be able to find jobs with these guys plus TUI.
Between Jet2 and Easy the gap would be filled within 18 months and a lot of the staff would be able to find jobs with these guys plus TUI.
Join Date: Jan 2006
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Join Date: Mar 2018
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