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Thomas Cook Group

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This article is about the formerly publicly listed, British Thomas Cook Group. For the former German group, see Thomas Cook AG. For the predecessor to Thomas Cook AG, see Thomas Cook & Son.
Thomas Cook Group plc
Company typePublic
LSE: TCG
FWB: TCG
OTCMKTS: TCKGY
ISINGB00B1VYCH82
IndustryHospitality, tourism
Predecessors
Founded1841; 183 years ago (1841)
(as Thomas Cook & Son)
Defunct23 September 2019 (23 September 2019)
FateCeased trading,[1] entered into compulsory liquidation
SuccessorsHays Travel (acquisition of retail stores)[2]
HeadquartersLondon, England, United Kingdom
Area served
Global
Key people
Frank Meysman Non-Executive Chairman
Peter Fankhauser (CEO)
ProductsCharter and scheduled passenger airlines, package holidays, cruise lines, hotels and resorts
Services
  • Package Holidays
  • Flights
  • Hotels
RevenueIncrease £9,584 million (2018)[3]
Increase £250 million (2018)[3]
Decrease £(−163) million (2018)[3]
Number of employees
21,000
Subsidiaries
Websitethomascookgroup.com

Thomas Cook Group plc was a British global travel group. It was formed on 19 June 2007 by the merger of Thomas Cook AG (itself the successor to Thomas Cook & Son) and MyTravel Group.[4] The group operated in two separate segments: a tour operator and an airline. On 23 September 2019 Thomas Cook went into compulsory liquidation.

Thomas Cook was listed on both the London Stock Exchange and the Frankfurt Stock Exchange. The Thomas Cook Group ceased trading on 23 September 2019 and entered liquidation. Around 21,000 worldwide employees were left without jobs (including 9,000 UK staff) and 600,000 customers (150,000 from the UK) were left abroad, triggering the UK's largest peacetime repatriation.[5][6]

On 9 October 2019, independent travel agent Hays Travel announced that it had acquired all 555 former Thomas Cook travel agencies in the UK, and planned to re-employ a "significant number" of former employees.[2]

History

Formation

In February 2007, it was announced that Thomas Cook AG and MyTravel Group plc were to merge. The companies announced they expected to make savings of over £75 million a year, following the integration of the two businesses. Under the terms of the merger, the owners of Thomas Cook AG, KarstadtQuelle (later Arcandor), owned 52% of the new group. The shareholders of MyTravel Group owned the remaining 48% share.[7] The merger was completed in June 2007,[8] and took place through the formation of 'NewCo' which effectively purchased MyTravel and Thomas Cook and was then listed on the London Stock Exchange under the name of Thomas Cook Group plc.[9]

2000s

Thomas Cook travel agency, Cross Gates, Leeds in 2014
Thomas Cook travel agency in Wetherby in 2017

On 14 February 2008, Thomas Cook bought booking website Hotels4U.com for £21.8 million.[10] On 6 March 2008, the company bought back its licence to operate the Thomas Cook brand in the Middle East and Asia from the Dubai Investment Group for an amount estimated to be around 249 million euros.[11] In April 2008 Thomas Cook bought the luxury travel firm Elegant Resorts from its founders Geoff Moss and Barbara Catchpole for an undisclosed figure.[12] The company took over Preston-based Gold Medal International, owner of NetFlights, in a deal worth £87 million in December 2008.[13]

On 8 March 2009, Thomas Cook signed a deal with Octopus Media Technology to host, upload, and provide an online video player for Thomas Cook TV.[14] In Spring 2009 Thomas Cook UK signed a deal with International Entertainment Supplier The E3 Group, to exclusively supply entertainment to the group.[15] In June 2009, Thomas Cook's majority shareholder Arcandor filed for bankruptcy, although the group was not affected.[16] Arcandor's shares in Thomas Cook were sold by its creditor banks in September 2009.[17]

2010–2015

In July 2010, Thomas Cook Group bought German tourism company Öger Tours, which was owned by Vural Öger.[18]

In 2010, the Thomas Cook Group retired the Going Places brand and merged all its agents into one, Thomas Cook.[19]

In 2010, the Thomas Cook Group reached an agreement with The Co-operative Group to merge its branch network with that of The Co-operative Travel. The merger was approved by the Competition Commission in 2011, and the joint venture was 66.5% owned by the Thomas Cook Group, 30% owned by The Co-operative Group and 3.5% owned by the Midlands Co-operative (renamed the Central England Co-operative in 2014).[20] The merger created the UK's largest travel network.[21] Thomas Cook's Going Places branded branches were rebranded under the Co-operative's brand.[22]

In May 2012, Harriet Green was appointed as the chief executive officer of Thomas Cook Group,[23] succeeding Manny Fontenla-Novoa who was CEO from 2003 until August 2011. On 1 July 2013, Thomas Cook announced that it would cease publishing the Thomas Cook European Timetable, along with closure of the rest of its publishing business. The final edition of the timetable was published in August 2013,[24] but publication resumed in early 2014 under a new publishing company not affiliated with Thomas Cook.[25]

In February 2014 Thomas Cook Group sold Gold Medal Travel including Netflights.com to dnata for a reported £45 million.[26] On 26 November 2014, it was announced that Green was leaving with immediate effect, and that COO Peter Fankhauser would take over as CEO.[27]

2015 inquest into carbon monoxide poisoning

Main article: Deaths of Christianne and Robert Shepherd

In October 2006, two young British children, Christianne and Robert Shepherd aged seven and six years old respectively, died from carbon monoxide poisoning caused by a faulty boiler while on a holiday in Corfu booked through Thomas Cook.[28] They were the first such deaths in the company's history.[29] Two Thomas Cook employees were subsequently amongst 11 defendants facing manslaughter by negligence charges at a criminal trial in Greece in 2010 – both were acquitted and the company was cleared of any wrongdoing.[30]

In 2015, a UK inquest was held into the children's deaths; the jury returned a verdict of unlawful killing and concluded that the travel group had "breached its duty of care".[31][32]

After the inquest, The Mail on Sunday published a news story saying that Thomas Cook had received £3m from the owners of the hotel where the children's deaths had occurred.[33] In response, Thomas Cook made a charitable donation of £1.5m to Unicef. However, the children's family said that they had not been consulted about this donation, which itself became the subject of criticism.[34] In UK newspaper The Independent Joanna Bourke wrote: "Nothing Thomas Cook could ever do would bring back the two children killed by carbon monoxide poisoning on a Greek holiday in 2006. But the firm's handling of the case has been a lesson in how not to manage a crisis".[33]

2016–2018

In 2016 the Co-operative Group decided that it would exercise its option to quit the branch network joint venture. Thomas Cook Group announced it would buy out the stakes in The Co-operative Travel owned by The Co-operative Group and Central England Co-operative, taking full control of the retail network and re-branding the high street travel stores that had operated under the Co-operative brand gradually during 2017–18.[35][36]

In March 2017, Thomas Cook announced the sale of its Belgian airline operations to Lufthansa. As a result, Thomas Cook Airlines Belgium was shut down by November 2017 with two aircraft and all traffic rights being handed to Brussels Airlines. Its three remaining aircraft were relocated to sister companies.[37][38]

In August 2018, a British couple, John and Susan Cooper aged 69 and 63 respectively, died on a Thomas Cook holiday, while staying at the Steigenberger Aqua Magic in the Red Sea resort of Hurghada. According to the Egyptian authorities, John died of a heart attack and Susan died of shock.[39] The couple's daughter, also present at the resort, blamed the faulty air conditioning system at the resort. Thomas Cook hurriedly evacuated around 300 holidaymakers staying in the same hotel after other guests started to fall ill.[40]

2019

In November 2018 business analysts suggested that Thomas Cook should split the business to help recover its financial health.[41] The Financial Times newspaper said in February 2019 that the Thomas Cook Group had received bids for its airline business, which includes Condor, and also the company as a whole.[42] In March 2019, Thomas Cook UK announced 21 travel office closures and the redundancy of 300 staff, justifying the decision with the fact that 64% of bookings had been made online in 2018.[43]

In April 2019 the company hired the restructuring specialist Alix Partners to work on the company's balance sheet and implement cost restructuring plans to help reduce its £1.6 billion debt.[44] In May 2019 the company reported that it had secured £300 million of emergency funding from its banks.[45] Then in May 2019, the company announced a loss of £1.5 billion for the first half of its financial year, with £1.1 billion of the loss being attributable to goodwill write-downs.[46] In June 2019, Thomas Cook said that it was in talks with the Chinese company Fosun International with regard to the possible sale of its tour operator business.[47] On 28 August 2019, Thomas Cook announced that Fosun would pay £450 million for 75% of the firm's tour business and 25% of its airline.[48]

Collapse

"R.I.P. Thomas Cook" – flowers at a branch of Thomas Cook in London

By September 2019, Thomas Cook Group was "the most shorted company on the London Stock Exchange,"[49] and reports began to emerge that the company was "in last minute negotiations" with bondholders, in order to approve the Fosun takeover.[50] Less than a week later, Thomas Cook asked HM Government to fund a £200 million gap in the company's finances to prevent the firm falling into administration.[51] The company had by that point secured £900m in funding as part of a debt-for-equity swap, including £450m from Fosun.[52]

Despite this, a late demand is reported to have emerged from the Group's funders, including Royal Bank of Scotland Group and Halifax,[52] who insisted that the Group be sufficiently recapitalised to ensure operations were protected through to January, when bookings are traditionally quieter and liquidity would be challenging.[52][53] This demand meant the group needed an extra £200 million of funding to keep the company operational.[52] These efforts did not succeed, with the UK Government Secretary of State for Transport Grant Shapps rejecting any discussion of UK intervention.[54] Media reports had earlier indicated that a group including the Turkish government and a group of Spanish hoteliers backed by Spanish ministers had offered financial support in order to assist their domestic industries, but that rescue had failed because "the British government said it was not prepared to provide any financial guarantees to underpin the funding package."[55]

A final failed attempt to prevent the Thomas Cook Group from administration or liquidation took place the evening of 22 September 2019. At around midnight on 23 September, airports in the UK began to impound Thomas Cook aircraft upon arrival, citing "default in payment of airport charges".[56][57] Shortly after at 02:00 BST, the Civil Aviation Authority (CAA) announced that the Thomas Cook Group had entered liquidation and ceased operations with immediate effect, leaving around 600,000 tourists overseas.[58][59] The collapse of the company marks the end of a brand name that had been in continuous use since 1841.[60]

The collapse of the company triggered an operation initiated by the CAA, aiming to repatriate 150,000 British citizens from abroad. The operation was codenamed 'Operation Matterhorn' and overtook the 2017 collapse of Monarch Airlines as the UK's biggest peacetime repatriation. Around 40 aircraft from various airlines, including easyJet and Virgin Atlantic, as well as at least one Airbus A380 from Malaysia Airlines,[61] have been chartered.[62] Insurance companies will take care of customers from Germany, one of the former company's biggest markets.[63]

Ownership

At the time of the merger, 52% of the shares in the new company were held by the German mail-order and department store company Arcandor (the former owner of Thomas Cook AG) and 48% owned by the shareholders of MyTravel Group. Arcandor filed for bankruptcy in June 2009,[16] and its shares in Thomas Cook were sold in September 2009.[17] Thomas Cook Group plc's three major shareholders as of June 2016 were Invesco (19%), Standard Life Investments (10%), and the business magnate and investor, Guo Guangchang (7.03%). The remainder of the stock floats freely.[64] In February 2019 the Group announced a strategic review that would consider the future role of the airline.[65]

Operations

Thomas Cook Group employed approximately 21,000 staff worldwide, with 9,000 in the United Kingdom.[66]

Tour operators

Tour operator Country Logo Joined the group
Thomas Cook Tour Operations United Kingdom Sunny Heart 1841
Thomas Cook Germany Germany Sunny Heart 2001
Thomas Cook France France Sunny Heart 2001
Thomas Cook Netherlands Netherlands Sunny Heart 2001
Thomas Cook Belgium Belgium Sunny Heart 2001
Thomas Cook China China Sunny Heart 2016
Thomas Cook India India Globe 1881-2012
Airtours United Kingdom Independent logo 2007 (former MyTravel Group Subsidiary)
Ving Norway

Sweden

Sunny Heart 2007 (former MyTravel Group Subsidiary)
Tjäreborg Finland Sunny Heart 2007 (former MyTravel Group Subsidiary)
Spies Denmark Sunny Heart 2007 (former MyTravel Group Subsidiary)
Neckermann Poland

Hungary

Czech Republic

Sunny Heart 2001 for Poland and Hungary

2007 for Czech Republic

Neckermann Reisen Austria Austria

Switzerland

Sunny Heart 2001
Intourist Russia Independent and Sunny Heart 2011
Sunquest Vacations Canada Independent 1995-2013

Thomas Cook India, which was sold to Fairfax Financial in 2012, continues to operate normally.[67]

Hotel chains

Main article: Thomas Cook Hotels & Resorts

Aviation

The Thomas Cook Group's airline division operated as one operating segment, the Thomas Cook Group Airlines (TCGA).

Airlines

Main article: Thomas Cook Group Airlines
Airline Country Image Joined the Group Description
Thomas Cook Airlines UK United Kingdom 2003 Thomas Cook Airlines was established in 2003 after being renamed from the former JMC Air. As of 2016, the airline operated an 'all Airbus fleet' operating the Airbus A321 and Airbus A330.
Thomas Cook Airlines Balearics Spain 2017 Thomas Cook Airlines Balearics were established in 2017 after the acquisition of Thomas Cook Airlines Belgium to Lufthansa. The airline operated 6 Airbus A320-200 aircraft and operate in the United Kingdom and Germany.
Thomas Cook Airlines Scandinavia Norway

Denmark

Sweden

2007 Thomas Cook Airlines Scandinavia, previously known as MyTravel Airways A/S until their parent's merger with Thomas Cook AG is a Scandinavian airline that operated flights from Denmark, Norway and Sweden to worldwide destinations. The airline operated the Airbus A321-200, Airbus A330-200 and Airbus A330-300.
Condor Flugdienst Germany 2001 Condor Flugdienst is a German carrier who were established in 1956 being previously a fully owned subsidiary of Lufthansa operates a mixed fleet of both Boeing and Airbus aircraft. They operate their short/medium aircraft with the Boeing 757–300, Airbus A320-200 and Airbus A321-200 and their long haul fleet with the Boeing 767.
Thomas Cook Aviation Germany 2018 In January 2018 AB Aviation GmbH received the approval for the Air Operator's Certificate (AOC). The company was later renamed to Thomas Cook Aviation (TCN). The Headquarters of Thomas Cook Aviation is based at Frankfurt Airport, directly next to the Condor Headquarters. Thomas Cook Aviation operates Airbus A321-200 from Düsseldorf and Leipzig for Condor.
Thomas Cook Airlines Belgium Belgium 2002-2017 Thomas Cook Airlines Belgium was a Belgian leisure airline owned by the Thomas Cook Group.It operated scheduled flights to destinations throughout Europe and Africa from its base at Brussels Airport. The airline operated from 2002 until 2017.
Thomas Cook Airlines Canada Canada 2010-2013 Thomas Cook Airlines Canada was a Canadian charter division of the Thomas Cook Group based in Montreal, Quebec, Canada. It served destinations to the Caribbean, Mexico and to North America. Flights were operated by the Canadian airline Jazz Air. The now defunct business operated as an airline for the Tour Operator Sunquest Vacations. The airline operated by leasing 757 aircraft from other airlines within the Thomas Cook Group, primarily Thomas Cook Airlines UK.

Fleet

As of August 2019, the Thomas Cook Group Airlines fleet consisted of the following aircraft:

Aircraft In service Orders Passengers Notes
P E Total
Airbus A320-200 16 — – 180 180 Operated by Condor and Thomas Cook Airlines Balearics
Airbus A321-200 57 1 – 220 220 Operated by Thomas Cook Airlines UK and Scandinavia, Condor and Thomas Cook Aviation
Airbus A330-200 9 — 49 273 322 Operated by Thomas Cook Airlines UK and Thomas Cook Airlines Scandinavia
Airbus A330-300 3 — – 408 408 Operated by Thomas Cook Airlines Scandinavia
Boeing 757-300 15 — – 275 275 Operated by Condor
Boeing 767-300 16 1 53 217 270 Operated by Condor
Total 117 2

Sponsorship

Thomas Cook was a main sponsor of Manchester City and Peterborough United football clubs. On 22 May 2009, Manchester City announced that its six-year partnership with Thomas Cook would conclude at the end of the 2008–09 Premier League season.[68] Thomas Cook was a sponsor of the London 2012 Summer Olympics. As one of the UK's biggest and most popular providers of package holidays, Thomas Cook was appointed to provide "affordable and accessible" holidays and accommodation throughout the games.[69]

See also

References

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  14. ^ Tentacles everywhere Archived 6 September 2009 at the Wayback Machine UKTI Article
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  63. ^ "British travel firm Thomas Cook collapses, stranding hundreds of thousands". Reuters. 23 September 2019. Retrieved 23 September 2019.
  64. ^ "THOMAS COOK GROUP : Shareholders Board Members Managers and Company Profile | GB00B1VYCH82 | MarketScreener". www.marketscreener.com.
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  66. ^ "Thomas Cook is no more – what now for its 21,000 staff?". The Independent. 23 September 2019. Retrieved 23 September 2019.
  67. ^ "Why Thomas Cook (India) is not affected by Thomas Cook's collapse". Hindu Business Line. 23 September 2019.
  68. ^ "Fond farewell to Thomas Cook". Manchester City F.C. 22 May 2009. Retrieved 6 October 2013.
  69. ^ London 2012 Olympics: 200,000 spare tickets still to be sold The Daily Telegraph (London), 16 July 2012
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