Troubles for holiday operator Thomas Cook seemed to have finally come to a halt after it got an offer from two industry veterans to pump in £400million. In return, former Airtours and Gold Medal Executive Terry Fisher and founder of Holiday Autos Clive Jacobs would become the joint bosses of the company.
The troubles for the group got worse when it had to turn to its banks for some funding after seeing low growth last year. But the recovery path which was shown by the two veterans was pulled down by the Chairman, Frank Meysman and is now understood to have been dropped altogether.
According to the group, it has come up with its own recovery plan in the UK and is looking to turn around things. The main focus from now would be better quality hotels whose market is niche which might push online bookings.
Due to the poor economic climate in UK, Thomas Cook had to struggle a lot with holiday bookings, which lead to the drop in profits. The group has over 1300 stores and plans to sell its stake in some of them and reviving the others. There are plans to sell around £200million worth of company’s assets over the next 18 months and put the money to reduce its debt.
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