Watchdog extends Thomas Cook probe December 19, 2019 The UK’s accounting watchdog is extending its investigation into the collapse of travel operator Thomas Cook. The Financial Reporting Council (FRC) announced a probe into EY’s audit of Thomas Cook’s financial statements for the year ended 30 September 2018 following the company’s collapse earlier this year. Read more: Thomas Cook went bust with liabilities of [...]
Revealed: Thomas Cook went bust with liabilities of £9bn December 16, 2019 Thomas Cook collapsed with total liabilities of £9bn, it has emerged this morning, making the immediate financial toll of the company going bust even greater than that of Carillion in early 2018. In a report on the failure released this morning, it has emerged the travel operator owed £585m to customers and £45m to employees [...]
Thomas Cook: Regulator ‘very sorry’ for refund delay as customers wait more than two months December 10, 2019 Britain’s aviation regulator has apologised to thousands of Thomas Cook customers facing delays to refunds owed to them after the travel firm collapsed. Paul Smith, director of the Civil Aviation Authority, said the organisation was “very sorry,” adding that the CAA was “working tirelessly” to put the payments through. Read more: Gatwick airport to lose [...]
Holiday firm On The Beach has taken a £25m hit from the collapse of Thomas Cook November 27, 2019 Package holiday company On The Beach has taken a £25.6m hit from the collapse of Thomas Cook, as the cost of getting stranded holidaymakers home weighed on the firm. The company maintained that the failure of one of its biggest rivals would ultimately help it in the long run, despite profits falling more than a [...]
Revealed: Gatwick airport to lose 600,000 passengers because of Thomas Cook collapse November 26, 2019 Gatwick airport is set to lose more than half-a-million passengers this financial year because of the collapse of Thomas Cook. The UK’s second-biggest airport held a significant number of the airline’s take-off and landing slots before it folded in September and sparked the repatriation of 150,000 Brits who were left stranded abroad. Read more: General [...]
Jet2 buys Thomas Cook’s slots at Stansted, Manchester and Birmingham airports November 8, 2019 Budget airline Jet2 has snapped up Thomas Cook’s airport slots at Stansted, Manchester and Birmingham, the collapsed travel company’s liquidators confirmed today. The official receivers did not reveal how much Jet2 paid for the landing and take off slots, which came hours after Easyjet bought Thomas Cook’s slots at Gatwick and Bristol. Read more: MPs [...]
Thomas Cook collapse: MPs slam government inaction and lack of audit reform November 4, 2019 Business secretary Andrea Leadsom has come under fire from MPs for “the extraordinary lack of interest” she showed in Thomas Cook in the run-up to its collapse, amid growing calls for wide-ranging regulatory reform. In a scathing conclusion to the business select committee’s (BEIS) review into the travel giant’s liquidation, MPs expressed their frustration that [...]
Thomas Cook lives on in name only as Fosun pays £11m for brand November 1, 2019 The Thomas Cook brand will live on, it was confirmed today, as Hong Kong-listed Fosun Tourism Group announced they had bought the brand for £11m. The move, which was widely expected, will see Fosun also acquire subsidiary brands such as boutique hotel chain Casa Cook and beach hotel concept Cook’s Club. Read more: Fosun set [...]
Hays Travel paid just £6m for 555 Thomas Cook stores October 23, 2019 Hays Travel paid just £6m for Thomas Cook’s 555 high street stores after the firm’s collapse. Hays bought the stores from the government’s Insolvency Service earlier this month, while also offering jobs to 2,000 former Thomas Cook employees. Read more Hays Travel buys 555 Thomas Cook stores Dean Beale, from the Insolvency Service, told MPs [...]
MPs slam ‘inconceivable’ judgement of Thomas Cook auditor EY October 22, 2019 Thomas Cook’s auditor, EY, has faced a barrage of criticism from MPs, who called it “inconceivable” that accountants judged it a sustainable business in the year leading to its collapse. Bosses at EY and PwC, two of the so-called big four accountancy firms, were hauled in front of the business select committee this morning as [...]