Thomas Cook News
Gradual improvement in booking at Thomas Cook
Struggling tour operator Thomas Cook has said bookings for the summer are still well down on numbers recorded last year, but that thing were gradually improving. In total UK bookings for summer 2012 were down two per cent, the company said in a statement to markets earlier.
Tough trading conditions see losses widen at Thomas Cook
Thomas Cook saw losses widen from £37 million to £91 million during the first quarter of financial 2012 as tough trading conditions in the Middle East and north Africa hit sales. The British tour operator said rising fuel costs also had an impact on margins.
More changes at the top as Thomas Cook seeks to recover
The board of Thomas Cook has announced three of the longest serving non-executive directors will each retire at the end of the 2012 annual general meeting. David Allvey, Bo Lerenius and Peter Middleton will all step aside on February 8th.
Further disposals as Thomas Cook seeks to raise funds
Thomas Cook has agreed to sell a surplus office property to FN2 B.V., a company of the Fotex Group, for €18 million. The decision comes as the troubled tour operator seeks to raise funds following a difficult winter period.
Thomas Cook to close shops as losses mount
Thomas Cook has announced losses of £398 million following the release of financial results for the year ended September 30th. The struggling tour operator – which has seen its share price slip over 80 per cent to 14 pence in recent weeks - blamed political unrest in Egypt and Tunisia earlier this year for the loss, while floods in Thailand also took a toll on results.
Thomas Cook sells HCV interest to Iberostar to clear debts
Thomas Cook has announced it will sell its interest in Hoteles Y Clubs De Vacaciones to hotel operator Grupo Iberostar. HCV is a holding company that, together with another shareholder, indirectly owns five Spanish hotels and one golf club as well as operating a second golf club in Spain.
Thomas Cook falls from FTSE 250
UK-based tour operator Thomas Cook has lost its place in the FTSE 250 of leading shares. The troubled operated will drop to the FTSE Small Cap index.
Thomas Cook slashes jobs
Thomas Cook is planning a radical restructure that could mean hundreds of jobs are slashed after the company secured a £200 million lifeline loan from its banks last week.
Thomas Cook secures £200m loan
Thomas Cook Group has secured a £200m loan from its banks and has thanked loyal customers, suppliers and partners for their support and its employees for their hard work over the past week.
Thomas Cook to unveil restructuring plans
Thomas Cook is being tipped for a major restructuring of its UK operation once it secures financial backing from one of its banks, which is expected to be confirmed later today.
Thomas Cook shares rise
As trading opened this morning, Thomas Cook’s shares showed signs of slight recovery at 11p, compared to Tuesday’s sharp fall from 41p to close at 10.2p after the company revealed that it was running out of cash.
Thomas Cook shares crash on bank discussions
Shares in Thomas Cook crashed earlier as the tour operator admitted “deterioration” in trading conditions had forced it to seek further credit with banks. Thomas Cook said it would need additional funds to tide it over the quiet winter trading season, with shares falling over 70 per cent to just nine pence per share in morning trading.