Bankruptcy watchdog clears Thomas Cook bosses of wrongdoing Thomas Cook cleared The Insolvency Service, the UK’s bankruptcy watchdog, has reportedly cleared the bosses of global travel group Thomas Cook of wrongdoing, more than two years after the company collapsed. “The liquidation of Thomas Cook Group is a complex and significant insolvency, with the Official Receiver carrying out his duties to ensure an orderly wind-up of the [...]
Holidaymakers rush to make bookings after travel rules update Holidaymakers rush to make bookings after travel rules update Holiday firms have reported a surge in demand from customers after the government announced plans to simplify international travel rules in England. Transport secretary Grant Shapps said the traffic light system would be replaced with a single red list. Bookings are expected to surge as Brits look to escape abroad during the half-term holidays later [...]
Thomas Cook is back – but how long will the digital travel company last? Thomas Cook is back – but how long will it last? Launching a new travel brand during a pandemic is brave. Launching a travel brand synonymous with failure is even braver. But backed by a new owner and a reinvented online-only model, Thomas Cook is back. The move to online-only makes sense. Its airline was conspicuously old-fashioned. And in a market today polarised between low-cost, low [...]
Thomas Cook relaunches as online-only firm September 16, 2020 Iconic holiday firm Thomas Cook will today relaunch as an online-only company, a year after going bust in dramatic circumstances. To start with, the new travel company will sell holidays to destinations that are on the government’s safe travel list. In November, Chinese firm Fosun, which also owns package holiday brand Club Med, acquired the [...]
Thomas Cook tipped for relaunch as online-only travel agent September 7, 2020 Iconic travel agent Thomas Cook could be relaunched as early as this month, a year after the firm went bust in dramatic circumstances. Sky News reported that Chinese conglomerate Fosun, which bought the company’s name and intellectual property assets for just £11m, is drawing up plans to reinvent the 178-year-old firm as an online travel [...]
Revealed: Why the government bailed out Flybe, but not Thomas Cook January 15, 2020 At first glance, some might find it hard to understand why the government decided to save Flybe – a small, regional airline – but not holiday giant Thomas Cook. After all, when the latter went bust in September more than 150,000 Brits were left stranded abroad, prompting a mammoth repatriation effort by the Civil Aviation [...]
Watchdog extends Thomas Cook probe December 19, 2019 The UK’s accounting watchdog is extending its investigation into the collapse of travel operator Thomas Cook. The Financial Reporting Council (FRC) announced a probe into EY’s audit of Thomas Cook’s financial statements for the year ended 30 September 2018 following the company’s collapse earlier this year. Read more: Thomas Cook went bust with liabilities of [...]
Revealed: Thomas Cook went bust with liabilities of £9bn December 16, 2019 Thomas Cook collapsed with total liabilities of £9bn, it has emerged this morning, making the immediate financial toll of the company going bust even greater than that of Carillion in early 2018. In a report on the failure released this morning, it has emerged the travel operator owed £585m to customers and £45m to employees [...]
Thomas Cook: Regulator ‘very sorry’ for refund delay as customers wait more than two months December 10, 2019 Britain’s aviation regulator has apologised to thousands of Thomas Cook customers facing delays to refunds owed to them after the travel firm collapsed. Paul Smith, director of the Civil Aviation Authority, said the organisation was “very sorry,” adding that the CAA was “working tirelessly” to put the payments through. Read more: Gatwick airport to lose [...]
Holiday firm On The Beach has taken a £25m hit from the collapse of Thomas Cook November 27, 2019 Package holiday company On The Beach has taken a £25.6m hit from the collapse of Thomas Cook, as the cost of getting stranded holidaymakers home weighed on the firm. The company maintained that the failure of one of its biggest rivals would ultimately help it in the long run, despite profits falling more than a [...]