[Travel] Thomas Cook

[Weststander]

That's not the point. He was telling the interviewer the government wouldn't interfere in a private sector business yet the government HAVE bailed out much larger businesses already, banks with directors with duties of care to their stakeholders that flouted the rules systemically for years and got away with it.

There is a real disconnect between politics, government and the real world of business, and what is worrying is the extent to which so many of our big UK businesses and employers are so exposed right now. Grant Shapps may say that Thomas Cook haven't kept up with change and paint them as some kind of dinosaur like the directors haven't even heard of the internet but the fact remains the business has been going for 178 years, until recent weeks there were millions of customers booking holidays and the brand was still popular.

TC was run poorly for 16 years, making ever larger losses and accumulating a colossal debt. We need to listen to independent travel (i.e. zero connection to any political party you might dislike) and business analysts who’ve explained that in great detail and have for some time for TC.

Turnover/passenger numbers, in this case bears no correlation to profitability and viability.

Why should public funds be spent saving a long term chronically sick business? For starters, that would be unfair to Jet2, Tui and scheduled airlines.

The true victims of TC failing to adapt are the staff.

 

[Kinky Gerbil]

TC was run poorly for 16 years, making ever larger losses and accumulating a colossal debt. We need to listen to independent travel (i.e. zero connection to any political party you might dislike) and business analysts who’ve explained that in great detail and have for some time for TC.

Turnover/passenger numbers, in this case bears no correlation to profitability and viability.

Why should public funds be spent saving a long term chronically sick business? For starters, that would be unfair to Jet2, Tui and scheduled airlines.

The true victims of TC failing to adapt are the staff.

I’ve never really paid any attention to prices offered by other companies for years, but today was a massive eye opener.

I don’t class Virgin as cheap, nor expensive it’s pretty much middle ground.

But some of this TC deals people got are 50-75% cheaper than us and we had very little profit on some of the holidays sold.

I’ve also never spoken to such pond scum as I have today!

 

[BensGrandad]

Received a request to sign a petition on change for the government to bale them out but I dont think they should so didnt sign it.

 

[Gazwag]

Today I tried and failed to cash, at Barclays, TC travellers cheques which I've been taking on holidays abroad for donkeys years and not used at all.
They were confident it would be OK, lots of phone calls, I showed my passport, I signed all 6 of them and they wrote on back of them, they checked my Barclays debit card (although they said they'd semd me a cheque), then it fell through after half an hour and they put white stickers over the back of each cheque.
They suggested go to TC branch but I found that was closed of course, so looks like I'm stuffed particularly as I've now signed all the cheques.

Wouldn't it have been a good idea to try and cash them in weeks ago, its not new news that TC were in trouble

 

[Chicken Run]

Wouldn't it have been a good idea to try and cash them in weeks ago, its not new news that TC were in trouble

That’s what I was thinking, I’m over in Vegas at present and there’s a story on the local news that the TC flight that landed yesterday from Manchester has left the 258 pax stranded along with crew, wtf did they even fly on Monday ffs?

 

[Driver8]

Received a request to sign a petition on change for the government to bale them out but I dont think they should so didnt sign it.

Bit late now!

 

[Saunders]

Today I tried and failed to cash, at Barclays, TC travellers cheques which I've been taking on holidays abroad for donkeys years and not used at all.
They were confident it would be OK, lots of phone calls, I showed my passport, I signed all 6 of them and they wrote on back of them, they checked my Barclays debit card (although they said they'd semd me a cheque), then it fell through after half an hour and they put white stickers over the back of each cheque.
They suggested go to TC branch but I found that was closed of course, so looks like I'm stuffed particularly as I've now signed all the cheques.

The alarm bells should have been sounding when they said they would pay by dc or cheque because TCs are supposed to be for getting cash otherwise what is the point of them. They are supposed to be honoured as if they are cash. Maybe try Amex to see if they will honour them they have a proud history of honouring things like this.

 

[Poojah]

I'm owed just shy of £2.5k in compensation for delayed flights last month (we lost 24 hours of our family holiday, essentially). Evidently I'm no longer able to claim this from the now defunct Thomas Cook, so unless it's somehow covered by ATOL (and having read up, I don't think it is) it looks like I've shat out on that.

That said, there are literally thousands of people in far worse positions than I am tonight as result of this mess, not least the staff, so I'll try not to feel too sorry for myself. Aside from my own personal misfortune, I just find the whole situation very, very sad. It makes you wonder just how many institutions in the mould of Thomas Cook are a mere sniff of a financial disaster away from ceasing to exist. WIth 20,000+ jobs I honestly thought TC were in the 'too big to fail' category; evidently not, but is there even such a thing anymore?

In these uncertain political times, and the potential impact on UK businesses of all sizes, I fear we could see a mass extinction of some major household name brands over the next couple of years. Worrying stuff.

 

[drew]

That's not the point. He was telling the interviewer the government wouldn't interfere in a private sector business yet the government HAVE bailed out much larger businesses already, banks with directors with duties of care to their stakeholders that flouted the rules systemically for years and got away with it.

There is a real disconnect between politics, government and the real world of business, and what is worrying is the extent to which so many of our big UK businesses and employers are so exposed right now. Grant Shapps may say that Thomas Cook haven't kept up with change and paint them as some kind of dinosaur like the directors haven't even heard of the internet but the fact remains the business has been going for 178 years, until recent weeks there were millions of customers booking holidays and the brand was still popular.

Well actually, it is the point. There has to be a pragmatic approach. A single holiday company is not vital to the economy whereas a major bank is. If a holiday company goes bust, a few people miss out on a holiday, they should get their money back and those abroad won't be stranded.

A bank folds then millions of people are affected. RBS for example has an estimated 19m customers.

 

[drew]

I'm owed just shy of £2.5k in compensation for delayed flights last month (we lost 24 hours of our family holiday, essentially). Evidently I'm no longer able to claim this from the now defunct Thomas Cook, so unless it's somehow covered by ATOL (and having read up, I don't think it is) it looks like I've shat out on that.

That said, there are literally thousands of people in far worse positions than I am tonight as result of this mess, not least the staff, so I'll try not to feel too sorry for myself. Aside from my own personal misfortune, I just find the whole situation very, very sad. It makes you wonder just how many institutions in the mould of Thomas Cook are a mere sniff of a financial disaster away from ceasing to exist. WIth 20,000+ jobs I honestly thought TC were in the 'too big to fail' category; evidently not, but is there even such a thing anymore?

In these uncertain political times, and the potential impact on UK businesses of all sizes, I fear we could see a mass extinction of some major household name brands over the next couple of years. Worrying stuff.

Is there no cover under your insurance?

 

[Saunders]

Well actually, it is the point. There has to be a pragmatic approach. A single holiday company is not vital to the economy whereas a major bank is. If a holiday company goes bust, a few people miss out on a holiday, they should get their money back and those abroad won't be stranded.

A bank folds then millions of people are affected. RBS for example has an estimated 19m customers.

With banks it also has a knock on effect as witnessed in previous depressions where one bank fail leads to another and another and everyone wants to withdraw their money.

 

[Poojah]

Is there no cover under your insurance?

I haven’t got that far yet. I suspect the answer is ‘probably’, but it won’t be the £560 per person I was due from Thomas Cook.

 

[Gazwag]

I'm owed just shy of £2.5k in compensation for delayed flights last month (we lost 24 hours of our family holiday, essentially). .

£2.5k for losing 1 day, no wonder TC have gone under if they have to pay out that sort of comp

 

[Invicta]

£2.5k for losing 1 day, no wonder TC have gone under if they have to pay out that sort of comp

Agree, Must have been an expensive holiday for that much compensation !!

 

[Poojah]

Agree, Must have been an expensive holiday for that much compensation !!

It wasn’t cheap, but that had no bearing either way. 600 euros per day is the standard rate for all long-haul flights under EU law - in some cases I’m sure some people would have been due to receive not far off the full value of their holiday.

 

[Kinky Gerbil]

£2.5k for losing 1 day, no wonder TC have gone under if they have to pay out that sort of comp

I imagine that will be going when we leave the EU, as will package holiday regulations.

 

[Beach Hut]

A woman from Bradford was in tears at Mallorca Airport on the news as they had to wait 9 hours for a flight and the biggest issue was her son was starving as he did not like any of the food at the airport.

Typical Spanish no McDonalds, KFC or Burger King - fecking disgraceful

 

[beorhthelm]

A woman from Bradford was in tears at Mallorca Airport on the news as they had to wait 9 hours for a flight and the biggest issue was her son was starving as he did not like any of the food at the airport.

Typical Spanish no McDonalds, KFC or Burger King - fecking disgraceful

i despair at people today. 9 hours "starving"? pretty sure the darling goes that long every night without food. and im sure a simple fare of bread or some snaks could be found at the airport, id wager nothing is being handed out which is the issue.

 

[Juan Albion]

Adria Airlines have also suspended all flights now. Small airline in the Adriatic region. But I wonder how many more are in difficulties?

 

[Brightonfan1983]

Adria Airlines have also suspended all flights now. Small airline in the Adriatic region. But I wonder how many more are in difficulties?

Don't worry, it's all just Project Fea..... oh.

TC is a bit different, as it's made up of the agencies and the airline; the latter is profitable and has been subsidising the agencies which were losing money hand over fist. I don't know the ins and outs, but I'm under the impression that the airline can still be bought. At the moment, that doesn't help anyone chewing their fingernails in an airport somewhere, nor the thousands losing their jobs though, I know.