Thomas Cook, the world’s oldest travel company has collapsed living more than 500,000 holidaymakers stranded abroad, including 150,000 from the UK. Majority of travellers are also being kicked out in hotel rooms or face paying unexpected money for their stay.
Thomas Cook is a 178-year-old British tour operator. The travel company collapsed Sunday, September 22nd leaving hundreds of thousands of travellers stranded across the world.
The company on early hours of Monday, September 23rd declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back stranded passengers.
The company had been desperately seeking 200 million Pounds from private investors to save it from collapse.
“Despite considerable efforts, those discussions have not resulted in an agreement between the company’s stakeholders and proposed new money providers,” Thomas Cook said in a statement.
“The company’s board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.”
”An application was made to the High Court for a compulsory liquidation of the Company before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of the Company”. it added
Peter Fankhauser, Thomas Cook’s chief executive, apologized to customers, employees, suppliers and partners saying; “I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years, this marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world”.
The UK Civil Aviation Authority yesterday also tweeted that all Thomas Cook bookings have been cancelled. The move triggers the largest ever peacetime repatriation in the history of the United Kingdom, topping the operation the government carried out after the 2017 collapse of Monarch Airlines.
The firm ran hotels, resorts and airlines for 19 million travellers a year in 16 countries, generating revenue in 2018 of 9.6 billion pounds ($12 billion). It currently has over 500,000 people abroad, including more than 150,000 British citizens.
Thomas Cook customers that only booked hotel stays will not be bailed out by the aviation authority. ATOL protection only applies to hotels when booked as part of an air-inclusive holiday package.
Trailers are complaining as they’re being sent out of hotels or face paying a fresh stay if they choose to leave. British travellers across the globe are very angry at the comment with some result to living flowers at Thomas cook companies in the UK.