Defunct British international journey group

Thomas Cook dinner Group plc
Public
Traded as LSE: TCG
FWB: TCG
OTCMKTS: TCKGY
ISIN GB00B1VYCH82
Trade Hospitality, tourism
Destiny Ceased buying and selling and entered into obligatory liquidation[1]
Predecessors
Successors
Based 5 July 1841; 179 years in the past (1841-07-05) in Leicester, England as Thomas Cook dinner[7]
Defunct 23 September 2019; 12 months in the past (23 September 2019)
Headquarters London, England, United Kingdom

Space served

World

Key folks

Frank Meysman Non-Government Chairman
Peter Fankhauser (CEO)
Merchandise Constitution and scheduled passenger airways, bundle holidays, cruise traces, motels and resorts
Providers
  • Package deal Holidays
  • Flights
  • Lodges
Income Increase £9,584 million (2018)[8]
Increase £250 million (2018)[8]
Decrease −£163 million (2018)[8]

Variety of workers

21,000
Divisions Thomas Cook dinner Group Airways
Subsidiaries
Web site thomascookgroup.com

A Thomas Cook dinner retailer in the UK, which is now operated by Hays Journey

Thomas Cook dinner Group plc was a British international journey group. It was fashioned on 19 June 2007 by the merger of Thomas Cook dinner AG (itself the successor to Thomas Cook dinner & Son) and MyTravel Group.[9] The group operated in two separate segments: a tour operator and an airline. It additionally operated journey businesses in Europe. On 23 September 2019 Thomas Cook dinner Group and all UK entities went into obligatory liquidation.

Thomas Cook dinner was listed on each the London Inventory Change and the Frankfurt Inventory Change. The Thomas Cook dinner Group ceased buying and selling on 23 September 2019. Roughly 21,000 worldwide workers had been left with out jobs (together with 9,000 UK employees) and 600,000 clients (150,000 from the UK) had been left overseas, triggering the UK’s largest peacetime repatriation.[10][11]

After the collapse, segments of the corporate had been bought by others, together with the journey shops within the UK, the airways, the Thomas Cook dinner title and emblem, the resort manufacturers and the tour operators. Thomas Cook dinner India has not been affected, as Thomas Cook dinner India is a wholly totally different entity since August 2012 when it was acquired by Fairfax Monetary.[12]

Historical past[edit]

Formation[edit]

In February 2007, it was introduced that Thomas Cook dinner AG and MyTravel Group plc had been to merge. The businesses introduced they anticipated to make financial savings of over £75 million a 12 months, following the mixing of the 2 companies. Below the phrases of the merger, the homeowners of Thomas Cook dinner AG, KarstadtQuelle (later Arcandor), owned 52% of the brand new group. The shareholders of MyTravel Group owned the remaining 48% share.[13] The merger was accomplished in June 2007,[14] and befell by the formation of ‘NewCo’ which successfully bought MyTravel and Thomas Cook dinner and was then listed on the London Inventory Change beneath the title of Thomas Cook dinner Group plc.[15]

2008–2009[edit]

Thomas Cook dinner journey company in Wetherby in 2017

On 14 February 2008, Thomas Cook dinner purchased reserving web site Hotels4U.com for £21.eight million.[16] On 6 March 2008, the corporate purchased again its licence to function the Thomas Cook dinner model within the Center East and Asia from the Dubai Funding Group for an quantity estimated to be round 249 million euros.[17] In April 2008 Thomas Cook dinner purchased the posh journey agency Elegant Resorts from its founders Geoff Moss and Barbara Catchpole for an undisclosed determine.[18] The corporate took over Preston-based Gold Medal Worldwide, proprietor of NetFlights, in a deal price £87 million in December 2008.[19]

On eight March 2009, Thomas Cook dinner signed a take care of Octopus Media Know-how to host, add, and supply a web based video participant for Thomas Cook dinner TV.[20] In Spring 2009 Thomas Cook dinner UK signed a take care of Worldwide Leisure Provider The E3 Group, to completely provide leisure to the group.[21] In June 2009, Thomas Cook dinner’s majority shareholder Arcandor filed for chapter, though the group was not affected.[22] Arcandor’s shares in Thomas Cook dinner had been bought by its creditor banks in September 2009.[23]

2010–2015[edit]

In July 2010, Thomas Cook dinner Group purchased German tourism firm Öger Excursions, which was owned by Vural Öger.[24]

Thomas Cook dinner Journey company in Bradford, with the 2001-2013 emblem of the corporate

In 2010, the Thomas Cook dinner Group reached an settlement with The Co-operative Group to merge its department community with that of The Co-operative Journey. The merger was accepted by the Competitors Fee in 2011, and the three way partnership was 66.5% owned by the Thomas Cook dinner Group, 30% owned by The Co-operative Group and three.5% owned by the Midlands Co-operative (renamed the Central England Co-operative in 2014).[25] The merger created the UK’s largest journey community.[26] Thomas Cook dinner’s Going Locations branded branches had been rebranded beneath the Co-operative’s model.[27]

In Could 2012, Harriet Inexperienced was appointed because the chief government officer of Thomas Cook dinner Group,[28] succeeding Manny Fontenla-Novoa, who was CEO from 2003 till August 2011. On 1 July 2013, Thomas Cook dinner introduced that it could stop publishing the Thomas Cook dinner European Timetable, together with closure of the remainder of its publishing enterprise. The ultimate version of the timetable was printed in August 2013,[29] however publication resumed in early 2014 beneath a brand new publishing firm not affiliated with Thomas Cook dinner.[30]

In February 2014 Thomas Cook dinner Group bought Gold Medal Journey, together with Netflights.com, to dnata for a reported £45 million.[31] On 26 November 2014, it was introduced that Inexperienced was leaving with fast impact, and that COO Peter Fankhauser would take over as CEO.[32]

Inquest into carbon monoxide poisoning[edit]

In October 2006, two younger British youngsters, Christianne and Robert Shepherd aged seven and 6 years previous respectively, died from carbon monoxide poisoning attributable to a defective boiler whereas on a vacation in Corfu booked by Thomas Cook dinner.[33] They had been the primary such deaths within the firm’s historical past.[34] Two Thomas Cook dinner workers had been subsequently amongst 11 defendants going through manslaughter by negligence prices at a legal trial in Greece in 2010; each had been acquitted and the corporate was cleared of any wrongdoing.[35]

In 2015, a UK inquest was held into the youngsters’s deaths; the jury returned a verdict of illegal killing and concluded that the journey group had “breached its responsibility of care”.[36][37]

After the inquest, The Mail on Sunday printed a information story saying that Thomas Cook dinner had obtained £three million from the homeowners of the resort the place the youngsters’s deaths had occurred.[38] In response, Thomas Cook dinner made a charitable donation of £1.5m to Unicef. Nonetheless, the youngsters’s household stated that that they had not been consulted about this donation, which itself turned the topic of criticism.[39] In UK newspaper The Unbiased Joanna Bourke wrote: “Nothing Thomas Cook dinner may ever do would deliver again the 2 youngsters killed by carbon monoxide poisoning on a Greek vacation in 2006. However the agency’s dealing with of the case has been a lesson in how to not handle a disaster”.[38]

2016–2018[edit]

In 2016 the Co-operative Group determined that it could train its choice to give up the department community three way partnership. Thomas Cook dinner Group introduced it could purchase out the stakes in The Co-operative Journey owned by The Co-operative Group and Central England Co-operative, taking full management of the retail community and re-branding the excessive road journey shops that had operated beneath the Co-operative model progressively throughout 2017–18.[40][41]

In March 2017, Thomas Cook dinner introduced the sale of its Belgian airline operations to Lufthansa. In consequence, Thomas Cook dinner Airways Belgium was shut down by November 2017 with two plane and all site visitors rights being handed to Brussels Airways. Its three remaining plane had been relocated to sister firms.[42][43]

In August 2018, a British couple, John and Susan Cooper aged 69 and 63 respectively, died on a Thomas Cook dinner vacation, whereas staying on the Steigenberger Aqua Magic within the Purple Sea resort of Hurghada. In accordance with the Egyptian authorities, John died of a coronary heart assault and Susan died of shock.[44] The couple’s daughter, additionally current on the resort, blamed the defective air con system on the resort. Thomas Cook dinner hurriedly evacuated round 300 holidaymakers staying in the identical resort after different visitors began to fall ailing.[45]

In November 2018, enterprise analysts steered that Thomas Cook dinner ought to cut up the enterprise to assist get well its monetary well being.[46]

2019: Closing 12 months and collapse[edit]

In February 2019, the Monetary Occasions newspaper stated that the Thomas Cook dinner Group had obtained bids for its airline enterprise, which incorporates Condor, and in addition the corporate as a complete.[47] In March 2019, Thomas Cook dinner UK introduced 21 journey workplace closures and the redundancy of 300 employees, justifying the choice with the truth that 64% of bookings had been made on-line in 2018.[48]

In Could 2019 the corporate reported that it had secured £300 million of emergency funding from its banks.[49] Then in Could 2019, the corporate introduced a lack of £1.5 billion for the primary half of its monetary 12 months, with £1.1 billion of the loss being attributable to goodwill write-downs.[50] In June 2019, Thomas Cook dinner stated that it was in talks with the Chinese language firm Fosun Worldwide with regard to the attainable sale of its tour operator enterprise.[51] On 28 August 2019, Thomas Cook dinner introduced that Fosun would pay £450 million for 75% of the agency’s tour enterprise and 25% of its airline.[52]

“R.I.P. Thomas Cook dinner” – flowers at a department of Thomas Cook dinner in London

By September 2019, Thomas Cook dinner Group was “probably the most shorted firm on the London Inventory Change,”[53] and studies started to emerge that the corporate was “in final minute negotiations” with bondholders, with the intention to approve the Fosun takeover.[54] Lower than per week later, Thomas Cook dinner requested HM Authorities to fund a £200 million hole within the firm’s funds to forestall the agency falling into administration.[55] The corporate had by that time secured £900m in funding as a part of a debt-for-equity swap, together with £450m from Fosun.[56]

Regardless of this, a late demand is reported to have emerged from the Group’s funders, together with Royal Financial institution of Scotland and Halifax,[56] who insisted that the Group be sufficiently recapitalised to make sure operations had been protected by to January, when bookings are historically quieter and liquidity could be difficult.[56][57] This demand meant the group wanted an additional £200 million of funding to maintain the corporate operational.[56] These efforts didn’t succeed, with the UK Authorities Secretary of State for Transport Grant Shapps rejecting any dialogue of UK intervention.[58] Media studies had earlier indicated {that a} group, together with the Turkish authorities and a bunch of Spanish hoteliers backed by Spanish ministers, had supplied monetary help with the intention to help their home industries, however that rescue had failed as a result of “the British authorities stated it was not ready to supply any monetary ensures to underpin the funding bundle.”[59]

A closing failed try to forestall the Thomas Cook dinner Group from administration or liquidation befell the night of 22 September 2019. At round midnight on 23 September, airports within the UK started to impound Thomas Cook dinner plane upon arrival, citing “default in fee of airport prices”.[60][61] Shortly after 02:00 BST, the Civil Aviation Authority (CAA) introduced that the Thomas Cook dinner Group had entered liquidation and ceased operations with fast impact, leaving round 600,000 vacationers abroad.[62][63] The collapse of the corporate marked the top of a model title that had been in steady use since 1841.[64]

The collapse triggered an operation initiated by the CAA, aiming to repatriate 150,000 British residents from overseas. The operation was codenamed ‘Operation Matterhorn’ and overtook the 2017 collapse of Monarch Airways because the UK’s largest peacetime repatriation. Round 40 plane from varied airways, together with easyJet and Virgin Atlantic, in addition to at the very least one Airbus A380 from Malaysia Airways,[65] had been chartered.[66] Insurance coverage firms took care of consumers from Germany, one of many former firm’s largest markets.[67]

David McHugh of CTV Information reported that there have been many components that led to the collapse: a excessive debt load of £1.6 billion ($2 billion) mixed with a altering journey market and on-line competitors, occasions akin to terrorist assaults in vacationer locations together with Tunisia, the European warmth wave in 2018, uncertainty attributable to Brexit, and excessive gas prices.[68]

Publish-collapse[edit]

On 9 October 2019, unbiased journey agent Hays Journey introduced that it had acquired all 555 former Thomas Cook dinner journey shops within the UK, and deliberate to re-employ a “vital quantity” of former workers.[2] Hays, which already operated 190 of their very own shops, anticipated to retain over 25% of the retail employees, saving roughly 2,500 jobs.[69][70]

In the meantime, on 30 October 2019, an funding consortium consisting of Norwegian property tycoon Petter Stordalen and personal fairness corporations Altor and TDR Capital introduced that that they had acquired the property of Thomas Cook dinner Northern Europe (often known as the Ving Group) together with the Ving, Spies and Tjäreborg journey businesses, Thomas Cook dinner Airways Scandinavia, and the Sunwing and Sunprime resort manufacturers, with Stordalen and Altor proudly owning 40% every and TDR Capital proudly owning the remaining 20%. Thomas Cook dinner Airways Scandinavia was then rebranded as Sunclass Airways.[3][4][71] There have been studies on 31 October 2019 that Swiss-based funding agency LMEY Investments meant to re-acquire the Aldiana resort model, which it collectively owned with Thomas Cook dinner, by shopping for Thomas Cook dinner’s 42% minority shareholding.[72][73]

Fosun Worldwide bought the Thomas Cook dinner title and emblem, together with the Casa Cook dinner and Cook dinner’s Membership resort manufacturers, for £11 million on 1 November 2019.[5][6] Then, on eight November 2019, it was introduced that Thomas Cook dinner’s airport slots had been bought to easyJet and Jet2holidays for £36 million, with the previous buying Gatwick and Bristol and the latter buying Birmingham, London Stansted and Manchester.[74] Thomas Cook dinner Germany introduced that it could shut down on 1 December 2019, after having did not discover a purchaser, with directors in talks to promote Thomas Cook dinner Germany’s tour operators Öger Excursions, Bucher Reisen, Neckermann and Air Marin and discover patrons for resort manufacturers Sentido and Smartline.[75]

Neset Kockar, the chairman of Turkish tour operator Anex Excursions, acquired Russian tour operator Intourist from Thomas Cook dinner’s liquidators on 15 November 2019.[76] In the meantime, Anex Excursions acquired Thomas Cook dinner Germany’s tour operators Öger Excursions and Bucher Reisen, saving 84 jobs, on 21 November 2019.[77][78] Anex Excursions additionally acquired the trademark rights for tour operator Neckermann Reisen from Thomas Cook dinner Germany’s liquidators on 2 January 2020.[79]

The German journey group DER Touristik acquired the Sentido resort model, with the deal topic to antitrust approval, on four December 2019.[80][81] Thomas Cook dinner Balearics had closed down after turning into bancrupt on 26 December 2019.[82]

On 24 January 2020, it was introduced that Polish service LOT Polish Airways had acquired German airline Condor, with the acquisition anticipated to be accomplished by April 2020 as soon as antitrust approval had been secured.[83] Nonetheless, on 13 April 2020, it was introduced that LOT Polish Airways had withdrawn its supply to accumulate German airline Condor,[84] with the German authorities agreeing to help Condor with emergency liquidity.[85] The German airline Thomas Cook dinner Aviation filed for chapter because of the COVID-19 pandemic on 2 April 2020.[86]

On 16 September 2020, Fosun relaunched Thomas Cook dinner as a web based journey firm with 50 workers.[87]

Possession[edit]

On the time of the 2007 merger, 52% of the shares within the new firm had been held by the German mail-order and division retailer firm Arcandor (the previous proprietor of Thomas Cook dinner AG) and 48% owned by the shareholders of MyTravel Group. Arcandor filed for chapter in June 2009,[22] and its shares in Thomas Cook dinner had been bought in September 2009.[23]

As of June 2016, Thomas Cook dinner Group plc’s three main shareholders had been Invesco (19%), Commonplace Life Investments (10%), and the enterprise magnate and investor Guo Guangchang (7.03%). The rest of the inventory floated freely.[88]

Operations[edit]

Thomas Cook dinner Group employed roughly 21,000 employees worldwide, with 9,000 in the UK.[89]

UK retail arm[edit]

Thomas Cook dinner Retail Restricted was the UK journey agent, and successor to Thomas Cook dinner & Son shops.[90] It was a subsidiary of the Thomas Cook dinner Group, who operated a complete of 555 journey shops everywhere in the United Kingdom. The brokers primarily bought bundle holidays beneath the in-house British tour operator Thomas Cook dinner Tour Operations, and flight-only bookings with Thomas Cook dinner Airways. On 23 September 2019, the enterprise entered obligatory liquidation, like all different UK entities within the group.[62]

Tour operators[edit]

In Vacation spot Administration[edit]

Thomas Cook dinner In Vacation spot Administration Restricted[101] was an abroad administration firm, working on behalf of its British sister tour operator and airline. The enterprise was answerable for managing bus transfers to motels and offering resort ‘reps’ for Thomas Cook dinner clients.[102] It ceased operations on 23 September 2019 after Thomas Cook dinner Group and its UK entities entered obligatory liquidation.[62]

Lodge chains[edit]

Nearly all of motels had been positioned in Europe, primarily in international locations inside the European Union.[103][104] Manufacturers included Casa Cook dinner, Sentido, Sunprime, Cook dinner’s Membership, Aldiana, Sunwing, SunConnect, and Smartline.[103][104][105]

Aviation[edit]

The Thomas Cook dinner Group’s airline division operated as one working phase, the Thomas Cook dinner Group Airways (TCGA).[106]

Airways[edit]

Fleet[edit]

The Thomas Cook dinner Group Airways fleet consisted of the next plane earlier than its collapse:[111]

Thomas Cook dinner was a primary sponsor of Manchester Metropolis and Peterborough United soccer golf equipment. On 22 Could 2009, Manchester Metropolis introduced that its six-year partnership with Thomas Cook dinner would conclude on the finish of the 2008–09 Premier League season.[112] Thomas Cook dinner was a sponsor of the London 2012 Summer season Olympics. As one of many UK’s largest and hottest suppliers of bundle holidays, Thomas Cook dinner was appointed to supply “reasonably priced and accessible” holidays and lodging all through the video games.[113]

  1. ^ Airtours had been a model of Thomas Cook dinner Retail Restricted who are actually bancrupt. ‘TCRL’ operated the Thomas Cook dinner UK web site and the Airtours UK web site.

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