Originally Posted by
Optimistic Nick
Nope, I disagree and I think you are completely wrong.
I think you over-estimate the ability of management teams who proved to be failures; the drag that massive (rising) rental costs have on retailers with declining revenues; and the weight that a massive debt puts on a company's balance sheet.
There will always be a straw that breaks the camel's back but that doesn't add any credence to the argument that Brexit caused an outdated, poorly run travel agent to go bust because it simply didn't. I think you are suggesting that people held off booking foreign holidays; and/or fewer foreign holidays were booked, because of the devaluation of Sterling and/or tightening of discretionary spend by UK consumers in light of general Brexit uncertainty. That may have some impact on immediate cashflow and possibly turnover, but other companies I can think of are significantly increasing their package holiday offering so clearly there is confidence out there that Brits still want and will pay for their foreign trips, it's just that they don't want to do that with Thomas Cook any more. When you last thought of booking a flight or a holiday, did you think to yourself "I'd better pop into town to speak to Thomas Cook"? And even if you did, what do you think that the 18-30 year olds do when they want to book a holiday?
There is a place for travel agents, but mid-market is not it. It's not fair to blame Brexit for this one.