Sep 22, 2019
Thomas Cook brought down to earth
Although online rivals are likely to be longer-term beneficiaries of Thomas Cook's woes, analysts say there will be a short-term sting should the likes of On the Beach have customers booked on Thomas Cook's flights. Thomas Cook owes his hotel over €1m in October, but if the company were to fail, the effects would cascade down to food and drink suppliers, he said. The hotel, which relies on Thomas Cook for 80 per cent of its bookings, would likely shut down for the season in October and let staff go unpaid. The Chinese conglomerate has ploughed more than £200m into Thomas Cook since taking an initial stake in 2015, betting that the industry's best-known brand would be an asset as it tries to hoover up more of the fast-growing Chinese tourist market. Thomas Cook has many more, including Scottish rugby, which appointed Thomas Cook its official team travel provider until 2022.
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