Thomas Cook about to tank

MrChris · **Joined:** 1st Apr, 2008 **Posts:** 30498

Doctor Glyndwr wrote:

Mr Kissyfur wrote:

Really? Who's doing that then? All the middle class people I know are swapping to UK vacations, many of them (including us) going camping for much of the year's holibobs, with a week at a cottage as the "big" holiday.

I dunno. But I have access to sales for the UK's biggest ecommerce travel site and you're asking your mates, so I know who's data I put more faith in

I wasn't questioning the validity of your statement, you gnomic little leek muncher, I was asking quite literally "who is doing that then"? As in what demographic?

Quote:

The domestic holiday thing is a factor, sure. It even has a horrible jargon term for it -- "staycation".

We do not say that word.

Quote:

But the whole industry braced for a total collapse in 2008 and instead we got a slump. A few smaller guys went under but the bigger firms have been getting buy alright (Cooks ecommerce business had (by a wide margin) its biggest peak trading season ever last year).

Interesting, that. You hear a lot about people not going abroad, but clearly it isn't happening to anything like the degree the media had been suggesting, up until this summer even, that it had been.

ApplePieOfDestiny · **Joined:** 17th Dec, 2008 **Posts:** 8293

Doctor Glyndwr wrote:

A few smaller guys went under but the bigger firms have been getting buy alright (Cooks ecommerce business had (by a wide margin) its biggest peak trading season ever last year).

In recent memory, I don't think I've ever heard of a travel company going bust that I had actually heard of before the news.

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49232

Mr Kissyfur wrote:

Really? Who's doing that then? All the middle class people I know are swapping to UK vacations, many of them (including us) going camping for much of the year's holibobs, with a week at a cottage as the "big" holiday.

Then again everyone we know has kids.

You wouldn't understand.

myp · **Posted:** Tue Nov 22, 2011 13:27

Craster wrote:

Mr Kissyfur wrote:

Really? Who's doing that then? All the middle class people I know are swapping to UK vacations, many of them (including us) going camping for much of the year's holibobs, with a week at a cottage as the "big" holiday.

Then again everyone we know has kids.

You wouldn't understand.

DINK-5!

MrChris · **Joined:** 1st Apr, 2008 **Posts:** 30498

Craster wrote:

Mr Kissyfur wrote:

Really? Who's doing that then? All the middle class people I know are swapping to UK vacations, many of them (including us) going camping for much of the year's holibobs, with a week at a cottage as the "big" holiday.

Then again everyone we know has kids.

You wouldn't understand.

Heh.

You're aware, of course, that we used to not have kids?

Cras · **Joined:** 30th Mar, 2008 **Posts:** 49232

I remember. Do you?

:kiss:

Doctor Glyndwr · **Joined:** 30th Mar, 2008 **Posts:** 32619

Doctor Glyndwr wrote:

kalmar wrote:

How likely is the government to bail out Thomas Cook?

Zero.

Wait, non-zero. I forgot how ATOL and the Air Travel Trust works. It holds a certain amount of the insurance money in the form of bonds that holiday firms have to buy to get an ATOL licence, but that sum isn't guaranteed to cover all the losses if someone huge goes under. Any shortfalls end up being met by the government.

Apparently, measured from last June, Thomas Cooks' share price has fallen by 93%.

Quote:

Thomas Cook finance director Paul Hollingworth said the group was looking to borrow around £100m to tide it over during December, when trading is traditionally quiet, and give it sufficient headroom to be in no danger of breaching banking covenants. That is in addition to the £100m short-term credit line that Thomas Cook agreed with its banks following talks in October.

It's bloody awful that they are having to go back to the banks less than a month after last asking for loans.

Also:

Quote:

About 200 retail stores are expected to close and six aircraft sold off to help the company withstand the enormous headwinds.

Worth pointing out that its previous chief exec, Manny Fontenla-Novoa, was abruptly sacked in August following the company issuing the third profit warning of the year.

Finally, if you have any oustanding Thomas Cook bookings, this is a good guide as to what might happen if the company goes under.

kalmar · **Posted:** Tue Nov 22, 2011 17:17

Doctor Glyndwr wrote:

six aircraft sold off to help the company withstand the enormous headwinds.

Now I'm no aeronautical engineer, but...

Goddess Jasmine · **Posted:** Tue Nov 22, 2011 17:17

Doctor Glyndwr wrote:

Manny Fontenla-Novoa

That's never a real name! You just made that up didn't you???

Goddess Jasmine · **Posted:** Tue Nov 22, 2011 17:18

kalmar wrote:

Doctor Glyndwr wrote:

six aircraft sold off to help the company withstand the enormous headwinds.

Now I'm no aeronautical engineer, but...

Doctor Glyndwr · **Joined:** 30th Mar, 2008 **Posts:** 32619

Goddess Jasmine wrote:

Doctor Glyndwr wrote:

Manny Fontenla-Novoa

That's never a real name! You just made that up didn't you???

Nope. I've never met him, but I've passed him in the corridor a few times. He's just as colourful a chap as his name suggests apparently.

kalmar · **Posted:** Tue Nov 22, 2011 17:20

Doctor Glyndwr wrote:

Goddess Jasmine wrote:

Doctor Glyndwr wrote:

Manny Fontenla-Novoa

That's never a real name! You just made that up didn't you???

Nope. I've never met him, but I've passed him in the corridor a few times. He's just as colourful a chap as his name suggests apparently.

Goddess Jasmine · **Posted:** Tue Nov 22, 2011 17:26

Doctor Glyndwr wrote:

Goddess Jasmine wrote:

Doctor Glyndwr wrote:

Manny Fontenla-Novoa

That's never a real name! You just made that up didn't you???

Nope. I've never met him, but I've passed him in the corridor a few times. He's just as colourful a chap as his name suggests apparently.

Brilliant! I suspect you'd have to be to carry that off in this country though.

Goddess Jasmine · **Posted:** Tue Nov 22, 2011 17:26

kalmar wrote:

Doctor Glyndwr wrote:

Goddess Jasmine wrote:

Doctor Glyndwr wrote:

Manny Fontenla-Novoa

That's never a real name! You just made that up didn't you???

Nope. I've never met him, but I've passed him in the corridor a few times. He's just as colourful a chap as his name suggests apparently.

L-LOL

Zardoz · **Posted:** Tue Nov 22, 2011 17:39

He got £1m when he was 'sacked' too.

BikNorton · **Joined:** 30th Mar, 2008 **Posts:** 10092

Quote:

About 200 retail stores are expected to close and six aircraft sold off to help the company withstand the enormous headwinds.

I've re-read that half a dozen times and still read

Quote:

six aircraft carriers

Doctor Glyndwr · **Joined:** 30th Mar, 2008 **Posts:** 32619

http://www.guardian.co.uk/business/nils ... sfeed=true

Quote:

Debt crises are doubly dangerous for travel companies when they affect bookings. Thomas Cook needs the banks to choose that "rational and right" option and do it quickly and loudly to restore confidence. The lenders number 17, which doesn't make the task simple.

Quote:

Restructuring would have been better conducted years ago, rather than in the midst of the current crisis. Manny Fontenla-Novoa, jettisoned as chief executive in August, was the chap who had the chance to steer a different course. Lest we forget, he earned £14.5m over four years in pay and bonuses – another excellent advert for putting claw-back provisions in directors' contracts.

markh · **Joined:** 13th Oct, 2008 **Posts:** 903

Having been involved in some of these multi bank deals it can be a bit dangerous to think the 'bank has to help them'. I bet some of those risk analyst scoundrels with the smallest exposures are wondering how quickly they can get out of there and leave the rest holding the baby...

LewieP · **Joined:** 29th Apr, 2008 **Posts:** 7600

GAME Group shares drop 57 per cent in five days following reduced sales forecasts.

myp · **Posted:** Wed Nov 23, 2011 11:56

LewieP wrote:

GAME Group shares drop 57 per cent in five days following reduced sales forecasts.

I have a holiday booked with them.

zaphod79 · **Joined:** 16th Apr, 2008 **Posts:** 14495

myp it wrote:

LewieP wrote:

GAME Group shares drop 57 per cent in five days following reduced sales forecasts.

I have a holiday booked with them.

Is it in Skyrim ?

As others have pointed out , after the launch of BF3 as the biggest Battlefield launch ever , the launch of MW3 as the biggest entertainment launch of anything ever and the launch of Skyrim (biggest launch of a game called Skyrim ever) if Game cant make money off that then they are probably doing something wrong ?

kalmar · **Posted:** Wed Nov 23, 2011 12:01

COOKTANK REQUEST

Zardoz · **Posted:** Wed Nov 23, 2011 12:18

Grim... · **Posted:** Wed Nov 23, 2011 13:05

Craster wrote:

I remember. Do you?

:kiss:

Someone POTW this - I'm on the mobile site.

Doctor Glyndwr · **Joined:** 30th Mar, 2008 **Posts:** 32619

I am amused that TC paid for CookTank.jpg.

Zardoz · **Posted:** Wed Nov 23, 2011 14:05

I WAS ON A BREAK!

kalmar · **Posted:** Wed Nov 23, 2011 14:05

Hahaha, good point!

pupil · **Posted:** Sat Nov 26, 2011 12:22

http://www.guardian.co.uk/business/2011 ... with-banks

Good news for Gaywood and Zardizzle! Hope things don't get screwed for you guys and this makes work secure.

Zardoz · **Posted:** Sun Nov 27, 2011 22:23

Cheers our kid, yeah share prices were rising again on Friday too.

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Thomas Cook about to tank
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Thomas Cook about to tank
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