Thomas Cook Holidays

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Thomas Cook Tourism
Thomas Cook UK
FormerlyFTC Riverside (UK) Limited
Type Private Limited Company
Industry Hospitality, tourism
Predecessor Thomas Cook Group plc
Founded5 July 1841;181 years ago (5 July 1841) (as Thomas Cook and Son)
2 December 2019;3 years ago (2 December 2019) (as Thomas Cook Tourism Company)
HeadquartersBroadgate Tower, Primrose Street, London, England
Area served
United Kingdom
Key people
Alan French (CEO)
ProductsFlight + hotel
BrandsCasa Cook Hotels
Cook's Club Hotels
Revenuesee Fosun Tourism
see Fosun Tourism
see Fosun Tourism
Owner Fosun International
Number of employees
64 (as of December 2021) [1]
Parent Fosun Tourism
Divisions Thomas Cook China
Website www.thomascook.com

Thomas Cook Tourism (UK) Company Limited, [2] known as Thomas Cook UK, is an Anglo-Chinese package holiday provider which offers 'Flight + Hotel' packages and Hotel only bookings. The company was launched in 2019, when Chinese firm Fosun International purchased the brand from the insolvent Thomas Cook Group, and began trading in September 2020. [3]

Contents

History

2019

Before the formation of the new company, its owner Fosun International held a 7% stake in the British insolvent Thomas Cook Group. [4]

In August 2019, Fosun negotiated a rescue package for the failing group, which had lost £1.5bn in that year. The package consisted of a £900m bailout, in which Fosun would pay in £450m and the other £450m paid by banks and bondholders; the deal would mean that Fosun would hold a stake of 75% in the Thomas Cook Group Tour Operator and 25% in Thomas Cook Group Airlines. [5] The rescue package fell through in September when investors demanded an extra £200m to ensure the group survived through winter. [6]

On the morning of 23 September 2019, Thomas Cook Group entered compulsory liquidation and all operations ceased. [7]

On 1 November 2019, it was announced that Fosun had acquired the Thomas Cook brand and numerous hotels for £11m. [3]

The new company was set to commence operations in 2020, as Fosun began hiring former Thomas Cook executives to begin relaunch preparations in late 2019. [8]

2020

The Thomas Cook website changed from its 'compulsory liquidation’ page to a new Thomas Cook Tourism page. [9]

In September 2020, Fosun announced it was awaiting the necessary regulatory approval from ATOL, with plans of an official Thomas Cook relaunch as early as September. Plans do not include a relaunch of Thomas Cook Airlines, or the high street estate. [10] [11]

The Thomas Cook UK site was launched on 16 September after the company received their ATOL and ABTA certification. [12] [13]

The holiday company began offering holidays but only when flights were permitted to fly from the UK due to the COVID-19 pandemic – This followed with the CEO Alan French announcing that all holidays offered would be quarantine free (within the United Kingdom's travel corridor). [14]

Due to controversy on Thomas Cook's position regarding refunds on holidays cancelled by the UK Government, management announced on 30 September that in the case that a holiday is cancelled refunds will be issued to customers within 14-days. [15]

On 25 October, the Canary Islands were added to the United Kingdom travel corridor, and Thomas Cook began selling these on 23 October. [16]

On 16 December Thomas Cook launched long-haul 'Flight + Hotel' bookings to quarantine free destinations including Dubai and Punta Cana. It was also announced that New York City, Las Vegas and Orlando would be offered from 1 May 2021 as British citizens could not travel to the United States due to COVID-19 regulations. [17]

2021

In the beginning of January the Prime Minister Boris Johnson placed England into national lockdown. This meant that Thomas Cook and other UK tour operators were forced to cancel all holidays departing England until mid-February. Holidays with flights departing from Scotland and Wales would be cancelled until the end of January. [18] By March 2021, bookings had been resumed again. [19]

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References

  1. ↑ "Full accounts made up to 31 December 2021". Companies House. HM Gov – Companies House.
  2. ↑ "THOMAS COOK TOURISM (UK) COMPANY LIMITED". Companies House. HM Gov – Companies House. 23 April 2020. Retrieved 23 April 2020.{{cite web}}: CS1 maint: url-status (link)
  3. 1 2 "Thomas Cook brand sold to Club Med owner Fosun for £11m". BBC News. 1 November 2019. Retrieved 23 April 2020.{{cite web}}: CS1 maint: url-status (link)
  4. ↑ Rankin, Jennifer (15 June 2015). "Thomas Cook links up with Chinese company to profit from tourist boom". The Guardian . Retrieved 23 April 2020.
  5. ↑ "Thomas Cook to sell majority stake to China's Fosun". BBC News. 28 August 2019. Retrieved 23 April 2020.{{cite web}}: CS1 maint: url-status (link)
  6. ↑ McCarthy, Sebastian (20 September 2019). "Thomas Cook share price crashes as lenders demand extra £200m to seal rescue deal". City AM . Retrieved 23 April 2020.
  7. ↑ Reuters (23 September 2019). "British travel firm Thomas Cook collapses, stranding 600,000 people abroad". CNBC . Retrieved 2 December 2020.{{cite web}}: |author1= has generic name (help)
  8. ↑ Zhao, Shirley (12 December 2019). "Thomas Cook Brand Set for 2020 Relaunch by Chinese Owner". Bloomberg . Retrieved 23 April 2020.
  9. ↑ "Package Holidays, City Breaks and Hotels". Thomas Cook. Retrieved 5 June 2020.
  10. ↑ Whelan, Zara (7 September 2020). "Thomas cook is back and 'set to relaunch' in a matter of days". Manchester Evening News . Retrieved 9 September 2020.
  11. ↑ Kleinman, Mark. "Thomas Cook: Chinese owner plots relaunch in eye of pandemic storm". Sky News . Retrieved 20 December 2020.
  12. ↑ Hainey, Fionnula (16 September 2020). "Thomas Cook brand relaunched as an online travel company". Manchester Evening News . Retrieved 20 December 2020.
  13. ↑ Thicknesse, Edward (16 September 2020). "Thomas Cook relaunches as online-only firm". City A.M. Retrieved 20 December 2020.
  14. ↑ Bull, Millie (16 September 2020). "Thomas Cook relaunches as online travel company offering Britons holidays on UK safe list". Daily Express . Retrieved 20 December 2020.
  15. ↑ Lunn, Emma (30 September 2020). "Thomas Cook commits to 14-day refunds". Your Money . Retrieved 20 December 2020.
  16. ↑ Delahaye, Julie (16 December 2020). "Thomas Cook launches long-haul holidays to quarantine-free destinations". Daily Mirror . Retrieved 20 December 2020.
  17. ↑ Delahaye, Julie (22 October 2020). "Canary Islands holidays already on sale as hotspots removed from quarantine list". Daily Mirror . Retrieved 20 December 2020.
  18. ↑ "Virgin joins Tui and Thomas Cook in cancelling holiday bookings". BBC News . 5 January 2021. Retrieved 9 January 2021.
  19. ↑ "Holiday firms report rise in bookings for 2022". The Guardian. 31 March 2021. Retrieved 28 August 2022.
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