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News reports are stating that some Thomas Cook customers are having to pay for accommodation or be thrown out of their hotels in Spain. This is outrageous and most definitely amounts to blackmail. What are the CAA and FCO British Consulates in resorts doing about it?
Make no mistake the UK Government will be haunted by this collapse. Firstly, some hotels in Tenerife and Turkey are throwing out TC customers. Secondly, some repat flights are severly delayed eg. Corfu. Thirdly, the TC domino has now toppled and there will be massive financial consequences across Europe and North Africa.
Can someone please explain why it is that the CAA need to charter 45 aircraft from different countries. Why can the Thomas Cook fleet, which are all parked up in the UK so no need for costly positioning flights,be utlised, crews kept on for the next 2 weeks ? This surely would be half the anticipated cost
Please forgive me for saying this but i have been saying for over 12months that the T/C afair was going like MONARCH .this all strated with T/C wasting money on the CO-OP merger.Which meant that TC were geting to big for its own boots to put it frankley. The CO-OP was already toxic and the top management should have known better than to touch it.Someon ewho should take some of the blame is Mr Manny Fontenia -Novoa for it was he who said the CO-OP merger whould be a good fit for T/C.Harriet Green tried her best and had some success but she also was not good enough to turn round the companey. Then there is Mr Frankhauser who no doudt will find another company to make a mess of once the dust as settled. He went on a spending spree useing money that company did not have to reinvent its hotels and to buy more resorts what was he thinking about . And why oh why did the CAA not step in sooner and ask for sight of its books to see what was going on TC were still takeing bookings yesterday when the CAA must have known that those holidays and the poor CUSTOMERS were pouring good money down the drain. as far a CUSTOMER protection is concerned it is about time that every one involved at the highest level within the travel industry and the CAA(ATOL) & Government brought in a one rule fits all and said any kind of AIR TRAVEL be it pakage or flight only MUST have some kind of mandatory protection and the cost MUST be shared by all companys and Customers .
It is a shocking state of afairs that once again banks that we the GB PUBLIC gave money to so they could be saved did NOT spend some of that money on saving a very old established travel company such as T/C. Fosum have some part in the demise of T/C because if they were 100% for the takeover they WOULD have upped the money on offer to cover the needed £200mil .Its also shocking for the on the ground ordinary staff of TC who tried to keep the faith and worked very hard for the company but the people once again that WILL be the bigest losers from this are the CUSTOMERS who have not only had there dreams shattered but in some casses there savings will have gone and this cannot and should not be allowed to happen again, has the travel industry , the CAA & goverment not lernt anything from the past .I feel so sorry for ALL those who have lost employment & lost holidays PLEASE will you in the industry start to realise that you need to put in place better safegaurds for those who use and work in your INDUSTRY.
This is more nuanced than a case of Boris throwing TC 200 million quid.
Nobody's asked "But what happens when they burn through that and then we get here again six months later?" Better to call a halt now than chuck good money after bad.
As for Brexit, the seeds of this were sown way before 2016 and anyone on here should know that.
This is a deeply sad day for all stakeholders in Thomas Cook and indeed for the whole industry. So many lessons to be learned - not least about the need for better protection for money paid in advance and the iniquity of some people paying for ATOL financial protection whilst others get it for free. However, the most striking first thought is that the very same banks who were saved by tens of billions of public subsidy under a previous government could not be persuaded to provide £200m of short term finance to keep Thos Cook afloat. Is that a reflection of a second rate government totally focussed on the lunacy of Brexit or of a government whose first priority is the City and not the real economy?
Many seasoned people in the Travel Industry cannot understand why the UK and German Governments didn't step in to help Thomas Cook. £200 million I.O.U for a few months would have been a price well worth paying to get the Fosun rescue deal over the line and save an iconic company, with thousands of suppliers worldwide relying on being paid for their services. Those suppliers will now be lucky to get a penny from the Administrators of TC. Boris statement about moral hazard is strange - given the billions of pounds bailout of the banks in 2008 by the UK Government.
It would have been 200M today, another 200M in 3 months and then maybe 1BN for next year.
The decision made is the CORRECT one, even though it's a painful one.
A well known OTA is going to take a 34M hit !