Deathwatch: Can Thomas Cook avoid an almost certain death?

2 August 2012

deathwatch Thomas Cook have been dying for longer than Bruce Forsyth. They're so ailing that even mayfly feel sorry for them. And guess what? Thomas Cook has reported a quarterly loss.

But everything is fine, apparently. As fine as things can be when you're operating on a  £26.5m loss for the three months to 30th June, compared with a profit of £20.1m in the same period last year.

Harriet Green, who became Thomas Cook's new chief executive last month, said: "My initial focus is to review our businesses, quickly establish priorities, and develop a clear plan to reinvigorate Thomas Cook. The group has been through a difficult period, but much has been achieved which has strengthened the balance sheet and improved liquidity."

A curiosity, tomorrow

"The strength of the group's brands and the quality of its businesses and people provides a foundation from which to bring the business back to full strength."

Sadly, everyone got bored of listening to her around the word 'initial'.

Basically, what Thomas Cook have been doing to stay alive, is sell off a load of its stuff. For example, the travel company has got shut of its HCV Hotels subsidiary in Spain for £58m and agreed an aircraft sale and leaseback deal which raises £189m.

But is it enough to do a Lazarus and stick around?

TOPICS:   High Street News   Travel

8 comments

  • Spencer
    Thomas cook is one of many companies that just needs to die. It's tragic and depressing watching them desperately claw onto what little dignity they might have. And news like this just adds to the misery... who's gonna be stupid enough to book a holiday with a travel agent.... on the verge of going under? Atol or not... I'd rather pay my money and go... not pay my money, lose it, miss my holiday, then have to initiate claims proceedings and insurance....
  • David
    The staff in the Thomas Cook in my town 'Long Eaton' are beyond useless. So unwelcoming. Only went in to pick up some currency, was a right farce. Closed for lunch between 2 and 3 on a weekend, who the hell closes for lunch these days? Cant they just take it in turns? Shit staff and no wonder the company is going to the dogs
  • Atilla
    They pretty much ruined our honeymoon. "Forgot" to book pretty much everything we'd paid for. Offered nothing in terms of compensation, but told us we could cancel if we wanted. Somehow this feels like payback.
  • Sicknote
    Thomas Cook have been what we call in City speak as 'fucked' for quite some time; they've changed the skipper and rearranged debt but they'll go. Thankfully for their sake though they haven't gone the same way as HMV and simply continued digging with a longer handled shovel.
  • samuri
    looks like the wan.......bankers won't get this months payment
  • Capability B.
    Yaaaaaaay! Another brilliant Mof Gimmers post!!!
  • Arthur P.
    Aircraft sale and leaseback! That shitty old fleet of byplanes they operate would raise about fifty pence.
  • Alex
    They need to return to the ideals of their founder: " Thomas saw his venture as both religious and social service; his son provided the commercial expertise that allowed the company to expand. In accordance with his beliefs, he and his wife also ran a small temperance hotel above the office." Without the temperance aspect obviously. Brits abroad want to get wankered as quickly as possible.

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