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Thomas Cook


G STAR RAM

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4 hours ago, Paul71 said:

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. 

Well surely if you save the company at the top of the chain you save all the other companies too?

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1 hour ago, G STAR RAM said:

Well surely if you save the company at the top of the chain you save all the other companies too?

I didn't mean 'today' as in as a result of TC, i was just saying lots of small companies with hundreds or thousands of jobs combined could be lost on any one day.

 

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5 hours ago, Van Cone De Head said:

Average Joe shafted as usual.

All the people who’ve lost their jobs dumped on.

And all the people who’ve looked forward to a break or had one ruined.

What a shame.

It always is.

I would be interested to see what management bonuses have been paid in the past couple of years.

Might not be any of course but wouldn't bet against it.

You can just imagine those in very senior management escaping to the Maldives etc to get away from it while jeff and june and their 2 kids holiday to spain is gone for a burton,  cause yeah we know the money will get paid back but when?

Im lucky if i was on the receiving end i could afford to book another and wait for my money. Many people cant.

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42 minutes ago, Paul71 said:

It always is.

I would be interested to see what management bonuses have been paid in the past couple of years.

Might not be any of course but wouldn't bet against it.

You can just imagine those in very senior management escaping to the Maldives etc to get away from it while jeff and june and their 2 kids holiday to spain is gone for a burton,  cause yeah we know the money will get paid back but when?

Im lucky if i was on the receiving end i could afford to book another and wait for my money. Many people cant.

They’ve fleeced it and isn’t the pension fund down £500 million.

Imagine if my lot had gone Thomas Cook and missed out,no chance I would have been able to afford it.

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8 minutes ago, Van Cone De Head said:

They’ve fleeced it and isn’t the pension fund down £500 million.

Imagine if my lot had gone Thomas Cook and missed out,no chance I would have been able to afford it.

Yep and there will be loads in that position.

Really sad.

 

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10 hours ago, SchtivePesley said:

Not to mention the £20m of bonuses that the Execs received over the past 5 years and I bet *absolutely definitely* paid the top rate of tax on 

 

Absolutely deserved. How else are you going to persuade talented wealth creators to.......er.........hang on............no.........don’t tell me..............ummmm

?

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12 hours ago, Spanish said:

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?    

Saw an eye-watering stat the other month. More steel was produced in CHina between 2015 and 2017 than has been made here in the entirety of British history. Economies of scale, cheap labour, next to zero environmental regulation. Can't compete.

On TC, isn't this where ABTA or something or other are supposed to step in and bail out customers?

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Those Thomas Cook workers who are now out of a job but still stayed to help stranded clients are the only ones who deserve a gov't payout I reckon.

They will have had to bear the brunt of complaints and desperate pleas for help and advice whilst the ones who steered this ship onto the rocks do nothing but make do with their fat cat pedigree chum payoffs.

We were fobbed off with tales of how the gov't would not fritter away £200 to£250 million of taxpayer's (that's me/us BTW) to shore up a company already £1.6 billion (£1600 million) in debt. Now we face a Dunkirk style evacuation, fortunately minus bullets, bombs etc. This time the flotilla of small boats has the added insult of knowing that an undisclosed number of air liners with "Thomas Cook" on the side are impounded and sitting idle.

This is not the result of a sudden catastrophe but must have been building up for a long time whilst a once great company happily raked in more and more working holidaymaker's money for services which they knew would at some be undeliverable.

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this is the result of an aggressive but poorly-planned attempt to dominate the sector.

Thomas Cook merged and swallowed up both AirTours and Coop Travel in the last 10 years, but that was their downfall. All those high street shops/branches to fund when their rivals migrated to online sales committed overheads of millions before a profit could be considered.

I feel uneasy about shareholders taking dividends out of a business making a loss, this should be fraud IMO

Sadly, the people responsible for making the decisions that killed Thomas Cook were long gone by this weekend just gone.

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it was already a sinking ship that was heavily in debt,

the only asset they 'own' is the brand and that alone is not worth the £200m never mind the other billion of debt they are already in.

If the government had bailed them out to get through the winter we would of only had all the same costs early summer 2020 when it flops.

 

Another case of a poorly ran business that is left to flop through bad management, until insurance premiums need to be taken out for they plcs to manage issues like this or to have massive pension deficits it will continue to keep happening.

The only way to change companies from acting like this is be getting rid of the safety net we provide in the UK, ie your house has to be in order before you can get to this shitshow

 

 

 

 

 

 

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5 hours ago, Paul71 said:

Do you mean the Germans have said they will provide Condor financial backing?

Yeap

3 hours ago, FindernRam said:

Provision of state aid is illegal under EU rules but not if you are Germany

Banks...Depends on if you are bailing them out, or providing a unfair advantage.

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1 hour ago, McRamFan said:

Yeap

Banks...Depends on if you are bailing them out, or providing a unfair advantage.

I don't know but get the impression condors situation and the uk arm of Thomas Cook are somewhat different.

I don't think its the governments responsibility to bail out a business,  they wouldn't bail me out if i had a small business with 4 employees and.i was going bust.

Anyhow if the business has lost the money it has then a 200 million sticky plaster wouldn't have kept it afloat for long. 

 

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