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Thomas Cook


G STAR RAM

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3 minutes ago, G STAR RAM said:

Anyone affected by the collapse?

Amazing that the government could find £500billion to bail out the banks but no money to rescue British Steel or Thomas Cook.

hmm, I don't think the banks' situation is quite that comparable really.  Crystallizing that particular loss would have had far reaching consequences.  Not least, every pension would have been hit, sometimes it is best to kick the can down the road because fundamentally there is a future for it if you can avoid a disaster. 

TC is a basket case poorly run with no real sign of escape even if all the debt could be paid off.  Feel very sorry for the employees and it will be yet another empty shop in the High Street.  I don't know a lot about Brit Steel but aren't they in an industry where price is everything and they can't compete?    

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It’s a real shame. Thomas cook invented the package holiday in Leicestershire. So it would be a real pity for his name / brand to disappear forever from the industry. Hope they manage to live on in some sort of online presence or something. 
 

Times they are a changing though. 

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9 minutes ago, G STAR RAM said:

All public limited companies that have got in trouble through mismanagement.

Not only were the banks bailed out but losses have since been swallowed by the taxpayer.

I agreed with rescuing the banks but I dont see why one rule for one and one rule for another.

but surely the Government shouldn't be the automatic safety net for bad businesses?  Not an easy decision I agree but I can't see how effectively underwriting all plcs would be a good thing.

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11 minutes ago, G STAR RAM said:

All public limited companies that have got in trouble through mismanagement.

Not only were the banks bailed out but losses have since been swallowed by the taxpayer.

I agreed with rescuing the banks but I dont see why one rule for one and one rule for another.

Wasn't it just that the domino affect of letting a bank fail would have been catastrophic? That's why banks continue to behave recklessly, because they know they will always be bailed out if they get it wrong

The net effect of Thomas Cook failing does not extend beyond repatriating those already on TC holidays. Once they are all back, life carries on as normal

TC were always going to fail as they didn't adapt to the 21st century

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5 minutes ago, Spanish said:

but surely the Government shouldn't be the automatic safety net for bad businesses?  Not an easy decision I agree but I can't see how effectively underwriting all plcs would be a good thing.

 

3 minutes ago, SchtivePesley said:

Wasn't it just that the domino affect of letting a bank fail would have been catastrophic? That's why banks continue to behave recklessly, because they know they will always be bailed out if they get it wrong

The net effect of Thomas Cook failing does not extend beyond repatriating those already on TC holidays. Once they are all back, life carries on as normal

TC were always going to fail as they didn't adapt to the 21st century

Exactly. Thomas Cook were still paying dividends up to last November (the year they also posted a £1.5bn loss). How exactly is that justified?.

The Government can't step in every time a company is badly run / milked short-term for the shareholders and fails.

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47 minutes ago, G STAR RAM said:

Anyone affected by the collapse?

Amazing that the government could find £500billion to bail out the banks but no money to rescue British Steel or Thomas Cook.

The bailout cost about £130bn, most of which has since been paid back - and we still own over half of RBS, to be sold in future.

The cost of not doing so would have been catastrophic for us all.

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51 minutes ago, G STAR RAM said:

Anyone affected by the collapse?

My brother's been saving up for years to have a last big holiday with their growing up kids - supposed to be in The Maldives next month.

Presumably they'll get their money back but they'll either have to put it off til next year or have their pants pulled down for a last minute booking.

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12 minutes ago, Van Wolfie said:

The Government can't step in every time a company is badly run / milked short-term for the shareholders and fails.

It's only right that each case should be considered individually rather than bail-outs just being a standard for all.

When RR went bust in the early 70s, it was nationalised because there was light at the end of the tunnel. RB211 development had run out of money so a short term public cash injection to get it over the line proved to be the right thing to do

Bailing out TC would have achieved nothing. It was never going to become a viable business again. Sad but true. 

 

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50 minutes ago, SchtivePesley said:

The net effect of Thomas Cook failing does not extend beyond repatriating those already on TC holidays. Once they are all back, life carries on as normal

All the businesses at home and abroad relying on TC business. 

Got caught again with flight only, but this time learnt the hard lesson of the Monarch crash and rebooked early this morning before flight prices rocketed. Section 75 credit card claim will go in tomorrow for the TC flights.

Feel so sorry for ALL those affected by this situation. As we've seen there are no ethics in big business.

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35 minutes ago, SchtivePesley said:

It's only right that each case should be considered individually rather than bail-outs just being a standard for all.

When RR went bust in the early 70s, it was nationalised because there was light at the end of the tunnel. RB211 development had run out of money so a short term public cash injection to get it over the line proved to be the right thing to do

Bailing out TC would have achieved nothing. It was never going to become a viable business again. Sad but true. 

 

And the headlines in the Telegraph was Derby signing Colin Todd.

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A colleague of mine had his honeymoon booked via a third party but on a Thomas Cook flight.

He has already been reimbursed for his booking, but now has the problem of re-booking flights - and of course the other companies have immediately hiked their prices.

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I booked two weeks in India with them recently but the holiday isn't until November 2020 and we were due to pay by monthly direct debit starting on September 26th. Obviously cancelled the DD this morning.

Got to feel most sorry for the staff though. Everyone will get refunded for their holiday but 22,000 people will be out of work.

 

 

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37 minutes ago, G STAR RAM said:

I wasnt suggesting that the Government underwrite all plcs, obviously they wield have to display some level of viability.

Just appears that the government have not even considered the possibility.

9000 job losses could mean a lot of tax/nic losses for the exchequer.

Its a lot of Jobs but there could easily be hundreds of small business go under today with a similar number of jobs affected that no one hears about, should all of those be considered for rescue too?

We only hear about it when its large scale. A bit like when Amazon or whomever bends the rules to pay less tax, we all moan but at the same time thousands of small business or one man bands are failing to declare all their earnings, probably costing the same or more and illegally so too.

It is sad people have lost their jobs and holidays but if the government bail them out, that means we are too.

I personally think the british media have to take some responsibility as they are very quick to publish attention grabbing headlines when a major business like TC is having issues, this has a knock on effect that people look elsewhere. They did it with the banks, publishing stories of banks having no money and within hours people are queuing round the block drawing all their money out. 

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2 minutes ago, admira said:

I booked two weeks in India with them recently but the holiday isn't until November 2020 and we were due to pay by monthly direct debit starting on September 26th. Obviously cancelled the DD this morning.

Got to feel most sorry for the staff though. Everyone will get refunded for their holiday but 22,000 people will be out of work.

 

 

Was it through TC India as I am sure I read they arent affected?

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