Soldato
Thomas Cook
- Thread starter Maximum Triceratops
- Start date
Aah, sorry! Thought you were making a general point that we didn't have an administration process. I did think the comment was a bit odd
Go have a look at accounts, they're public records. Normally they'll go quite far back, although when you start getting to the 80s/90s (occasionally 2000s) it's far more likely Companies House hasn't digitised them.
Caporegime
Left Santorini (Thira) Airport in Greece last night,there was ATOL representatives at information points by the departures entrance outside the terminal building and a crowd of 50-100 (and growing) bewildered looking Brits who we’re booked on the cancelled 10pm TC flight to Manchester , it was clear that the majority had no clue as to what had happened and had rocked upto the airport expecting to get home.
Very sad end to their holidays undoubtedly, we got talking to a few and I was surprised when they said they’d booked 2 weeks ago, when TC’s woes were already in the news.
It certainly brings home the reality of such a collapse and repatriation when you see it first hand.
Very sad end to their holidays undoubtedly, we got talking to a few and I was surprised when they said they’d booked 2 weeks ago, when TC’s woes were already in the news.
It certainly brings home the reality of such a collapse and repatriation when you see it first hand.
Companies with an ATOL licence have to pay into the fund for each traveler they have. Essentially it's an added cost to the business that is likely reflected in the prices paid by holidaymakers. The flip side is that because all licence holders contribute into the fund, the amount needed per traveler can actually be relatively small as the majority of licence holders won't go out of business close to each other.
So strictly the companies themselves foot the bill, but its likely holidaymakers in reality foot the bill.
Associate
The first insolvency I worked on was an airline....was a very, very long time ago though...in fact I think it was the first Administration in the UK. I'm guessing the rules have changed since?
Indeed the atol site had referenced a payment of £2.50 per passenger, but ....
and there are also some references to anonymous bond holders, which sounds similar to the the famous Lloyds names.
Nonetheless the media has been happy to let the idea that the taxpayer will pay 100M repatriation float.
and there are also some references to anonymous bond holders, which sounds similar to the the famous Lloyds names.
Nonetheless the media has been happy to let the idea that the taxpayer will pay 100M repatriation float.
Soldato
So, like I said, not Brexit
So, like I said, not Brexit
No one argued that, merely that it’s a modification on the damage bringing this forward. It would be foolish to say otherwise considering the pound movement alone.
Regardless, it was a dead company in any event and it won’t be the last. Plenty more poorly functioning companies out there.
Apparently according to KPMG, 1/7 companies only survive currently due to low interest rates and a liquidity crisis will wipe them out. It’s a severe threat to other companies down the line who aren’t immediately at risk.
This economy is one public hair away from exploding.
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Well, repatriation of non-ATOL covered persons probably will be met by the taxpayer (e.g. those with flight only deals) - although TC's principle business was package holidays they didn't just do that.
Caporegime
Grant shapps debating it in the commons now. Opposition continuing to question if the government couldn’t have done more, but apparently, it wasn’t viable.
Man of Honour
I noticed that Germany have extended a bridging loan to Condor which was the German Airline arm, but that suggests it could be financially viable.
Its pretty clear that £200m given to TC UK would have been in the words out our PM "spaffed up a wall".... there seems to have been a huge hole in their finances.
I do think that laws need to be changed to allow them to keep operating for a period to repatriate customers.
Soldato
Didn’t the reparation needed after the collapse of Monarch in 2017 clear out the ATOL emergency coffers?
Not according to the 2018 accounts.
Soldato
Because I've used love holidays for a number of holidays with no problems whatsoever and contrary to what you and many people on here say package deals are often cheaper. I usually book hotel and flights via an agent and then get car hire and travel insurance separately.
The collapse of Thomas Cook wasn't the fault of the agent, they gave me a full refund under atol regs and £50 off another holiday, which they weren't obliged to do. If we're unable to reach a resolution with this latest booking then I'll consider my options.
To refuse to use a company again just because there's been a problem is an emotional response, not a rational one. And as for all travel agents being "dodgy as hell" that's simply not true.
most of the debt comes in the form that they wrote down the value of mytravel ( a buisness they about about 11 years ago which included Direct Holiday )
Your comment about agents being dodgy as hell is absolutely obsusred.
As an agent myself I do take great offence to that statement. I can assure you that the service I provide you far greater than you would get going direct to the hotel or cruise line or what ever it is you are booking....
I can also say 95% of the time I will be cheaper than direct as well.
If you book a cruise for example at say £4000 for 2 people. roughly £350 of that is commission. If you book this direct... the cruise lines keeps the full amount if you book with an agent such as me then that £350 is paid to the agent... I will use that £350 to discount the product for you ( but of course still retain some of the commission for profit for the business ) but this means it will always be cheaper.
ALSO the bigger the agent the better the discounts normally are. Being part of the LARGEST independent agent in the UK ( Thomas Cook and TUI of course not being independent as they had their own tour operations ) we normally get rates for certain products with a gross cost that is lower that the gross cost you can get direct before you even take the commission into consideration due to how much business we push a certain way.
So please understand how an agent works before running your mouth.
Your comment about agents being dodgy as hell is absolutely obsusred.
As an agent myself I do take great offence to that statement. I can assure you that the service I provide you far greater than you would get going direct to the hotel or cruise line or what ever it is you are booking....
I can also say 95% of the time I will be cheaper than direct as well.
If you book a cruise for example at say £4000 for 2 people. roughly £350 of that is commission. If you book this direct... the cruise lines keeps the full amount if you book with an agent such as me then that £350 is paid to the agent... I will use that £350 to discount the product for you ( but of course still retain some of the commission for profit for the business ) but this means it will always be cheaper.
ALSO the bigger the agent the better the discounts normally are. Being part of the LARGEST independent agent in the UK ( Thomas Cook and TUI of course not being independent as they had their own tour operations ) we normally get rates for certain products with a gross cost that is lower that the gross cost you can get direct before you even take the commission into consideration due to how much business we push a certain way.
So please understand how an agent works before running your mouth.
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Caporegime
This is also why you lot are a pain in the butt for us Direct businesses, you always have your commission to play with and undercut us