ABTA CEO speaks on Thomas Cook failure

Wednesday, October 9, 2019

 At the Travel Convention in Tokyo, ABTA’s chief executive Mark Tanzer addressed the crowd and shed light on the failure of Thomas Cook which in his view was more of a failure of corporate finance than the failure of travel.

On the demise of the organization’s former member and one of the UK’s well-known travel brand, ABTA gave its two cents. There was a special session to discuss how and why it happened.

Tanzer stated that Thomas Cook has a profitable business selling holiday packages which was proved in the past six year through the company’s payment of GBP 1.2 billion in finance charges.

But those were profits from its holiday business, money that in a more balanced financial model would have been available to invest and develop the business.

The demise of Thomas Cook came as a shock for many but it equally provides opportunities for small players to rise above the challenge.

Customers and employees were those who got the shorter end of the stick. ABTA LifeLine is looking to raise GBP 100,000 to aid 9,000 Thomas Cook staff who went jobless.

« Back to Page

• ABTA urges travellers to strictly follow current hand luggage rules

• ABTA and RHA Join Forces to Strengthen Coach Travel Industry Benefits

• Two Million Brits to Embark on Easter Getaways, ABTA Reports Unprecedented Global travel Demand for Overseas Holidays

• ABTA Invites You to Experience the Best of Greece at the 2024 Travel Convention in Costa Navarino

• ABTA Trio Honored in 2024 Women in Trade Associations Powerlist