Sep 22, 2019

Thomas Cook set for last-ditch rescue talks

Thomas Cook is to hold crisis talks in a final bid to secure a rescue deal. TSSA general secretary Manuel Cortes told Mrs Leadsom it was up to the government to save thousands of jobs and to allow Thomas Cook to "Flourish". He said the government did not see its options as being between spending £200m to help Thomas Cook with its cash shortfall or £600m to repatriate its British customers abroad. Currently there are 600,000 Thomas Cook customers on holiday, of which 150,000 to 160,000 are British. One of the world's largest travel companies, Thomas Cook was founded in 1841 to operate temperance day trips, and now has annual sales of £9bn. It employs 22,000 staff, 9,000 of whom are in the UK, and serves 19 million customers a year in 16 different countries. Its financial advisers said Thomas Cook would require an additional £200m on top of the £900m already required, which would bring the total refinancing needed up to £1.1bn. Thomas Cook succeeded in finding a backer to provide the additional £200m, but the BBC understands it has since pulled out.

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