Thomas Cook (TCG.L) plans to merge its German, British and Belgian airline operations

[Iver]

Perhaps the wrong forum, but I noted the earlier Thomas Cook UK discussion on this specific board. Does not surprise me from a cost perspective - probably a lot of redundancy among the 3 entities. Personally, I wish they could somehow keep the "Condor" brand name - it is the most iconic. Should be an interesting pilot list integration among the three groups... :eek: Everyone knows the Belgians are the BEST pilots so they should all be automatically promoted to Captain slots. :}:p:E:ok:


See announcement below:


(Reuters) - British travel group Thomas Cook (TCG.L (http://www.reuters.com/finance/stocks/overview?symbol=TCG.L)) plans to merge its German, British and Belgian airline operations, appointing a new airline management board to run the business (http://www.reuters.com/finance?lc=int_mb_1001).

The world's oldest travel group said on Tuesday that Condor, its German airline brand, Thomas Cook Airlines (http://www.reuters.com/sectors/industries/overview?industryCode=60&lc=int_mb_1001) UK and Thomas Cook Airlines Belgium would become one airline segment within the group from March 1.

The move is part of a turnaround plan, the effects of which began to kick-in late last year. The company, which was thrown a lifeline by lenders last May, has seen a steady improvement in its finances and a pick-up in demand in recent months.

The new airline management board will be chaired jointly by Christoph Debus, group head of air travel, and Ralf Teckentrup, Condor's chief executive, the company said. Former easyJet (EZJ.L (http://www.reuters.com/finance/stocks/overview?symbol=EZJ.L)) and KLM executive Cor Vrieswijk will take the reins as chief operating officer of Thomas Cook Airlines (http://www.reuters.com/sectors/industries/overview?industryCode=60&lc=int_mb_1001) UK next month.

"At time when the European airline industry is experiencing major change, we believe that our airline will be stronger as one integrated business (http://www.reuters.com/finance?lc=int_mb_1001)," said Debus.

Frank Pullman will retire as managing director of Thomas Cook Airlines UK next month, the company said.

Shares in Thomas Cook, which have climbed 200 percent in the past three months, rose 2.6 percent at 68.87 pence by 6:55 a.m. ET, valuing the company at about 610 million pounds ($960 million).

(Reporting by Rhys Jones in London and Victoria Bryan in Frankfurt; Editing by David Goodman)

[fantom]

Bend over, TCX UK.

[Runcorn Bridge]

The new COO has a reputation for trimming crew back to the bear minimum, then when it's too late the said airline has to spend millions sub-chartering because there are not enough crew to fly their own planes!

God help you all.

[Callsign Kilo]

The new COO has a reputation for trimming crew back to the bear minimum, then when it's too late the said airline has to spend millions sub-chartering because there are not enough crew to fly their own planes!

The mess that was Easyjet Gatwick a few summers back? Did this not account for said person's 'resignation?' Surely a story of once bitten twice shy but probably the one about the leopard that doesn't change their spots?

[JB007]

Summer 2010 wasn't it?! Good summer for Titan Airways if I remember!!!

[Polarhero]

What's the betting any jobs will go from the uk side of the biz???

As usual it will be the Brits that play fair but get shafted.

Hope I'm wrong, as a lot of good mate are still on the kestrel call sign.

All the best

[Mr Angry from Purley]

UK Staff are the easiest to get rid of in terms of redundancy i believe.
Another kick in the nuts of the hard working Staff.:\

[no sponsor]

Its not about playing fair at all. The simple truth is that it is very hard and expensive to get rid of German employees who are on permanent German contracts when compared to UK employees. I've no idea about the Belgians, but I'd hazard a guess they are closer to the German/French employment laws than English employment law.

[root]

I was told the UK side of the operation was losing the most money so redundancies should be highest there I'd imagine.

[Denti]

Even though it is costly to fire employees in germany it is quite possible. And given the great economy at the moment (not a joke, germany has the lowest unemployment rate for more than 20 years currently) many of those will find new jobs very soon (not pilots or banksters). It is required by law to negotiate a retirement programme which will pay at least 0.8 months per year of service, in companies like condor that made money the last few years it is usually around 1.0 to 1.3 months per year of service plus a fully payed notice period which is at least six months after 15 years with the company, less if the stay has been shorter. However those notice periods are those mandated by law, most companies use much longer ones, up to 15 months, after a much shorter time with the company.

It is much easier instead of firing employees to offer them a very good severance package as incentive for them to leave the company on their own. If a company fires someone, even with a negotiated severance package, it usually ends up in court and the result is not predictable and can be much more expensive than calculated.

Given that condor is making money instead of losing it, adding more and more aircraft to their fleet to take over routes from air berlin who is slowly leaving the leisure travel market, especially on longhaul routes, there is quite an opportunity of growth. As far as i know condor is still one of very few companies that hires pilots, although that has slowed down considerably because the old lufthansa guys with condor can't move back since lufthansa has currently too many pilots.

[bacp]

ROOT
You were told wrong. Lies, damned lies and statistics.

The UK tour operator on the other hand.....:\

[fantom]

Waiting for today's news...