Thomas Cook Holidays Update:
Thomas Cook today announced they have agreed extra funding with their banks. This is obviously fantastic news for Thomas Cook and anyone looking to book a Thomas Cook holiday.
The agreement gives them a new £200m facility taking them through until 30 April 2013 and replaced a previous agreement for £100m agreed in October. Thomas Cook group cheif executive Sam Weihagen said "I am absolutely delighted that we have reached agreement and would like to thank the banks for acting so swiftly"
This quick decission will help build confidence in the Thomas Cook brand which saw shares fall in price at the start of the week.
Customers have continued to book with Thomas Cook holidays despite the news ealier in the week - this latest news will simply add additional confidence to the consumer.
Thomas Cook is one of the leading UK and European travel companies sending over 20 million passengers on holiday every single year.
Updated: 26th November 2011
Thomas Cook hit the news on the 22nd November as it announced it was seeking funding from banks. According to reports it is seeking an additional £100 million to cover short term potential cash flow problems. Thomas Cook also said it would be holding off releasing it's financial figures as these could be influenced by it's talks with banks.
Thomas Cook said it had seen a "deterioration of trading", due to political unrest in Egypt and Tunisia and floods in Thailand. However the UK press have possibly painted a 'doom and gloom' impression of this report. Thomas Cook have a very strong trading position in the UK and has recently merged retail operations with Co-op Travel. The UK operations are in a good position, but many of Thomas Cook's problems are actually in Europe and Russia where it has seen various problems due to political, economical and natural problems.
As a UK PLC Thomas Cook Group are required to make announcements about such trading.
What Does This Mean For Customers?
In theory this doesn't actually effect customers. If you have a booking with Thomas Cook, don't worry. All packages holidays are fully protected by the ATOL. This means in the unlikely event of a problem, you will receive a full refund for your holiday.
Can I Still Book A Thomas Cook Holiday?
YES. Thomas Cook continues to trade as normal. If you book a Thomas Cook Holiday it is fully protected by the ATOL scheme.
Booking Flights / Accommodation Through Thomas Cook
If you book a flight or accommodation through a Thomas Cook brand it's worth maxing sure the booking includes 'Supplier Failure Cover' insurance. Normal accommodation or flight only bookings are not protected by ATOL, therefore the Supplier Failure Cover Insurance gives you the added protection.
I've Booked a Thomas Cook Holiday. Can I cancel it?
Yes, but normal cancallation charges will apply. There are no problems with Thomas Cook so all bookings will be completed as normal. Don't let the current news put you off or make you nervous. Thomas Cook is a great company and will be around for the long term.
Thomas Cook brands:
Neilson
Club 1830
Med Hotels
Fly Thomas Cook
Thomas Cook Holidays
Thomas Cook Signature
Thomas Cook Flexible Trips
Gold Medal
Alba Tours
Neckermann Reisen
Direct Holidays
Sentido Hotels and Resorts
Bucher Last Minute
Aquatour
Jet tours
Spies Rejser
Tjareborg
Resor hos Ving
BelAir Travel
Intair
Fun Sun Vacations
Condor
Userful Links:
Thomas Cook Profile - from the BBC
Thomas Cook in the News