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Apparently had 11% of the passengers coming through Cardiff airport. That will be a huge blow to them
Sad news today and desperate for so many people.
As all of the assets will be sold off, therefore would it be reasonable to assume that other companies such as Easyjet or Ryanair will have the opportunity to take their slots at Cardiff airport (and the others)?
Here’s an interesting thought: Thomas Cook reportedly asked the Government for £200m to keep them afloat, which was refused.
Operation Matterhorn, which is the initiative to repatriate UK citizens will allegedly cost the taxpayer around £100m, then there’s the cost to banks for the credit card claims, ABTA claims and all the costs associated with the 9,000 jobs at risk in the UK and other jobs that will doubtless be lost at suppliers etc.
Would it not have made sense for the Government to have provided some kind of loan (perhaps guaranteed against assets), which would have given them some kind of return. Instead, they’re now probably going to spend upwards of the £200m originally asked for, with no return and a lot of people looking for jobs.
Compared to the billions provided to the banks in the financial crisis, this would be a drop in the ocean.
Oh, and they’ve apparently spent £150m on Brexit advertising...
I'm sure I heard that TC were in debt to the tune of 1,600million pounds.
Their official stance is that it was an unsustainable business model which has been failing for a long time and ploughing money in would have just delayed the inevitable.
Hard to really argue with the decision.
you are right, but where does it end, in 12 months time when it is failing again ( as the business model is out of date, yet we will blame Brexit and the loss of value in the pound ) the government will be 200 mill in the hole and instead of losing that, they will be under pressure to throw more money at it, though i guess it will be saving millions of money per day by not throwing money into the EU pot, so maybe able to afford it
My suggestion hinges on a secured loan, so the Government would have assets to seize in the event of a default and gets its money back if not.
It’s interesting that the German Government lent money to Condor, the German subsidiary of Thomas Cook Airlines.
Incidentally, Brexit may not be the only reason that the company went bust, but as with so many other cases, I’d bet that without Brexit, it wouldn’t have gone under just yet.
It was the same with Woolworths - the financial crisis finished them off.
Woolworths went bust because It was a bad business. The financial crisis just exposed that fact. You’ve seen the scale of high street shop closures over the last (stable) decade- are you honestly saying that Woolworths would still be with us!?
Admittedly not all travel agents are the same but I’ve had exactly two holidays with travel agents in my adult life. Both have been terrible experiences ending up with s75 claims. I cannot see what place they have in the modern world, especially with the cost base that Thomas cook will have had. Sad for everyone involved of course, but their model was desperately out of date and irrelevant.
Don’t think I’ve booked anything with them for 20 years or more. Hopefully we will see a decent airline come in to Cardiff Airport now rather than the same old guff....
Thomas Cook clearly had strategy issues, but consumer confidence has fallen and areas of relatively large, discretionary spend are often the first to be impacted by this. The travel industry is very susceptible.
You are getting so paranoid about brexit that it seems to be self consuming. I always thought you came across as an intelligent poster on here, but the fact you opened up a rugby thread earlier in the week, that clearly stated not to bother, if you didn’t like the game, just to tell us once again (Zzzzzzzz), that you wouldn’t waste a second of your time watching it, seems to have dispelled that thought.
Of course it hasn’t kicked in yet. We’ve not even left yet. We.may not even leave? We may leave with a deal?
Its all speculation at the moment, but the CCMB’ remain chariot is racing ahead full pelt with the likes of you and Eric the half Bee sat up front whipping the horses into a frenzy.
It has had a massive effect on a lot of businesses already.
The value of the £ has been significantly effected, which must have an impact on the numbers of people going on holiday.
Also many businesses have had to make very costly contingency plans in case there is a no deal Brexit. We are holding significant levels of stock in many countries in case there are big delays with customs, which is seen as a real possibility. That comes at a cost.
I’m saying that the financial crisis tipped Woolworths over and the same for Thomas Cook and Brexit.
Anyone who thinks Brexit has not played a part in this needs to get their head out of the sand.
There are a lot of big companies out there who are going to suffer for the same reasons - consumer uncertainty, poor exchange rates and confidence in British businesses.
Losing 9,000+ jobs is hardly going to help our fragile economy, which itself is already under pressure because of Brexit.
Last edited by The Hooded Claw; 24-09-19 at 09:33. Reason: Punctuation
That's definitely not true. Do a search for Des Parrot's posts on here, for a start, to see what businesses have had to do already.
The truth is people are suffering already. Thomas Cook, I think, could blame the drop in sterling but not much more. Others have already had major problems. Brexit doesn't just start the day we leave. Companies have to plan.
It isn’t speculation at all though, there have been loads of jobs lost, money lost and business closed due to Brexit.
It isn’t even predicted, it has literally happened and you could see if you could open your eyes.
Even if we didn’t end up leaving now it has already had a startling affect that not leaving wouldn’t change.
Come on you can't really have your head this far in the sand can you?
https://metro.co.uk/2019/09/23/compa...exit-10795029/ - and this is just the tip of the ice berg.
https://www.bloomberg.com/graphics/2...anies-tracker/