Ryanair boss Michael O’Leary says package holiday market ‘is over,’ weeks after Thomas Cook collapse
Ryanair’s chief executive has taken a swipe at the package holiday industry, weeks after the firm that effectively founded it, Thomas Cook, went bust.
Michael O’Leary, the budget airliner’s longstanding and often outspoken boss, said the market “is screwed, it’s over”.
Read more: FRC watchdog probes EY audit of Thomas Cook accounts
Ryanair cut its package holiday offering early this year, but many of its budget airline rivals such as Tui and Jet2 Holidays still run the service.
However, several firms have published figures in recent years which appear to contradict O’Leary’s comments.
British travel trade association ABTA
Speaking to Reuters, O’Leary also issued a slapdown to the Civil Aviation Authority this morning, saying it was party to blame for the chaotic manner in which Thomas Cook went bankrupt.
He said the regulator should make more stringent licencing demands to prevent passengers being stranded abroad when airlines go bust, as in the case of Thomas Cook.
Read more: Thomas Cook boss says ‘blame the lenders’ after holiday giant’s collapse
While acknowledging that the organisation had done well to repatriate hundreds of thousands of stranded passengers, he added: “How you can license Thomas Cook in April as fit to fly for another 12 months and then it goes bust in September. (It) is something the CAA needs to address.”
“The CAA should be much more aggressive in requiring the shareholders of those companies to put up much more cash to get through the year, rather than allowing them to continually fail.”
Main image: Getty