Thomas Cook Gone

[WHBM]

Originally Posted by Litebulbs

But that part of the still vertically integrated business, always delivered a healthy profit

Bit of a myth. The published profit for the Scandinavian operation is only because the amount Thomas Cook borrowed to acquire Tjaereborg, Spies, Vingresor, etc (all the onetime big Scandinavian names) was borrowed in London and booked against the Group. It has been the failure to repay these loans and/or their associated interest that has knocked down the UK-based Group and the associated UK travel operations. The trading results of the UK and the Scandinavian actual operations were pretty similar. It's been a real accounting massaging of the figures.

[Litebulbs]

I'm not questioning anything you say WHBM. When were these purchases made?

[Litebulbs]

Ah, the £964m inherited debt from the TCX/MYT merger?

[WHBM]

Originally Posted by Litebulbs

Ah, the £964m inherited debt from the TCX/MYT merger?

Yes, the bulk of MYT being the Scandinavian operators. Merged in 2007 I think.