Oct 23, 2019

Thomas Cook: Former boss denies responsibility for collapse

A former Thomas Cook chief executive has denied contributing to the collapse of the travel firm. The most recent chief executive, Peter Fankhauser, has also blamed debt as a contributory factor in the collapse. Ms Reeves cited Mr Fankhauser's comments that Thomas Cook could not have grown because it was spending £150m to £170m per year servicing debt. Former chief executive Harriet Green said she had inherited in 2012 "Three profit warnings, a huge wall of debt, and a business model that was entirely out of sync with the industry." Former senior Thomas Cook executives told the BBC the company's debt problems began with the MyTravel merger.

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