Thomas Cook Group

In February 2007, it was announced that Thomas Cook AG and MyTravel Group plc were to merge. The companies announced they expected to make savings of over £75 million a year, following the integration of the two businesses. Under the terms of the merger, the owners of Thomas Cook AG, KarstadtQuelle (later Arcandor), owned 52% of the new group. The shareholders of MyTravel Group owned the remaining 48% share.{{cite news |title=MyTravel and Thomas Cook merging |url=http://news.bbc.co.uk/1/hi/6353023.stm |newspaper=BBC News |date=12 February 2007 |access-date=6 October 2013}} The merger was completed in June 2007,{{cite web |url=http://www.thomascookgroup.com/wp-content/uploads/2013/02/Annual-Report-Accounts-2007.pdf |title=Annual Report & Accounts 2007 |year=2007 |website=Thomas Cook Group |access-date=5 October 2013}} and took place through the formation of 'NewCo' which effectively purchased MyTravel and Thomas Cook and was then listed on the London Stock Exchange under the name of Thomas Cook Group plc.{{cite news|title=UK High Court backs MyTravel, Thomas Cook merger |url=https://www.forbes.com/markets/feeds/afx/2007/06/18/afx3829779.html |work=Forbes |date=18 June 2007 |access-date=21 June 2007 |url-status=dead|archive-url=https://web.archive.org/web/20080117105450/http://www.forbes.com/markets/feeds/afx/2007/06/18/afx3829779.html |archive-date=17 January 2008}}

File:Thomas_Cook_Globe_Logo.png

On 14 February 2008, Thomas Cook bought booking website Hotels4U.com for £21.8 million.{{cite news |url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/4668568/Thomas-Cook-buys-travel-website-hotels4U.html |title=Thomas Cook buys travel website hotels4U |author=Monaghan, Angela |date=14 February 2008 |work=The Daily Telegraph |location=London |access-date=3 April 2015}} On 6 March 2008, the company bought back its licence to operate the Thomas Cook brand in the Middle East and Asia from the Dubai Investment Group for an amount estimated to be around 249 million euros.{{cite web|url=http://www.travelweekly.co.uk/Articles/2008/03/07/26898/thomas-cook-group-buys-businesses-in-india-and-middle.html|title=Thomas Cook Group buys businesses in India and Middle East|work=travelweekly|access-date=3 April 2015|archive-date=9 April 2015|archive-url=https://web.archive.org/web/20150409003028/http://www.travelweekly.co.uk/Articles/2008/03/07/26898/thomas-cook-group-buys-businesses-in-india-and-middle.html|url-status=dead}} In April 2008 Thomas Cook bought the luxury travel firm Elegant Resorts from its founders Geoff Moss and Barbara Catchpole for an undisclosed figure.{{cite news |title=Thomas Cook buys Elegant Resorts |url=http://news.bbc.co.uk/1/hi/business/7334511.stm |website=BBC News |access-date=3 December 2019 |date=7 April 2008}} The company took over Preston-based Gold Medal International, owner of NetFlights, in a deal worth £87 million in December 2008.{{cite news |author1=Manchester Evening News |title=Thomas Cook buys Gold Medal International |url=http://www.manchestereveningnews.co.uk/news/business/s/1086276_thomas_cook_buys_gold_medal_international |access-date=3 December 2019 |work=Manchester Evening News |date=19 April 2010}}

On 8 March 2009, Thomas Cook signed a deal with Octopus Media Technology to host, upload, and provide an online video player for Thomas Cook TV.{{cite web |title=Tentacles everywhere! |url=https://www.uktradeinvest.gov.uk/ukti/ShowDoc/BEA+Repository/345/424804 |website=UK Trade & Investment |publisher=Wayback Machine |access-date=3 December 2019 |archive-url=https://web.archive.org/web/20090906173756/https://www.uktradeinvest.gov.uk/ukti/ShowDoc/BEA+Repository/345/424804 |archive-date=6 September 2009 |date=8 March 2019}} In Spring 2009 Thomas Cook UK signed a deal with International Entertainment Supplier The E3 Group, to exclusively supply entertainment to the group.{{cite web|url=http://www.thestage.co.uk/news/newsstory.php/26981/e3-group-expands-into-stage-schools-franchise|title=E3 Group expands into stage schools franchise market|access-date=29 July 2017}} In June 2009, Thomas Cook's majority shareholder Arcandor filed for bankruptcy, although the group was not affected. Arcandor's shares in Thomas Cook were sold by its creditor banks in September 2009.

In July 2010, Thomas Cook Group bought German tourism company Öger Tours, which was owned by Vural Öger.{{cite web |title=Thomas Cook acquires Turkish travel specialist Öger Tours |url=http://www.hurriyetdailynews.com/default.aspx?pageid=438&n=thomas-cook-acquires-oger-tours-2010-07-12 |website=Hürriyet Daily News |access-date=3 December 2019 |language=en |date=7 December 2010}}

File:Thomas Cook, Bradford.jpg, with the 2001–2013 logo of the company]]

In 2010, the Thomas Cook Group reached an agreement with The Co-operative Group to merge its branch network with that of The Co-operative Travel. The merger was approved by the Competition Commission in 2011, and the joint venture was 66.5% owned by the Thomas Cook Group, 30% owned by The Co-operative Group and 3.5% owned by the Midlands Co-operative (renamed the Central England Co-operative in 2014).{{cite web |url=http://www.marketingmagazine.co.uk/article/1081342/thomas-cook-co-operative-merger-given-provisional-go-ahead |title=Thomas Cook and Co-operative merger given provisional go ahead |last=Eleftheriou-Smith |first=Loulla-Mae |date=21 July 2011 |website=Marketing Magazine |access-date=5 October 2013}} The merger created the UK's largest travel network.{{cite web |title=Landmark deal to create the UK's largest travel retail network |url=http://www.co-operative.coop/corporate/Press/Press-releases/Travel/ThomasCook/ |website=The Co-operative Group |access-date=3 December 2019 |archive-url=https://web.archive.org/web/20131012013517/http://www.co-operative.coop/corporate/Press/Press-releases/Travel/ThomasCook/ |archive-date=12 October 2013 |date=8 October 2010}} Thomas Cook's Going Places branded branches were rebranded under the Co-operative's brand.{{cite web |url=http://www.marketingmagazine.co.uk/article/1081342/thomas-cook-co-operative-merger-given-provisional-go-ahead |title=Thomas Cook and Co-operative merger given provisional go ahead |last=Eleftheriou-Smith |first=Loulla-Mae |date=21 July 2011 |work=Marketing Magazine |access-date=5 October 2013}}

In May 2012, Harriet Green was appointed as the chief executive officer of Thomas Cook Group,{{cite news |title=Thomas Cook appoints Harriet Green as chief executive |url=https://www.bbc.co.uk/news/business-18186474 |work=BBC News |date=24 May 2012 |access-date=6 October 2013}} succeeding Manny Fontenla-Novoa, who was CEO from 2003 until August 2011. On 1 July 2013, Thomas Cook announced that it would cease publishing the Thomas Cook European Timetable, along with closure of the rest of its publishing business. The final edition of the timetable was published in August 2013,{{cite news |last1=Calder |first1=Simon |author-link1=Simon Calder |title=Thomas Cook's European Rail timetable reaches end of the line |url=https://www.independent.co.uk/travel/news-and-advice/thomas-cooks-european-rail-timetable-reaches-end-of-the-line-8682078.html |archive-url=https://ghostarchive.org/archive/20220507/https://www.independent.co.uk/travel/news-and-advice/thomas-cooks-european-rail-timetable-reaches-end-of-the-line-8682078.html |archive-date=7 May 2022 |url-access=subscription |url-status=live |access-date=2 July 2013 |work=The Independent |date=1 July 2013 |location=London |language=en}}{{cbignore}} but publication resumed in early 2014 under a new publishing company not affiliated with Thomas Cook.{{cite news|last=Cassidy|first=Nigel|title=Back on schedule: Europe's InterRail timetable is re-born|publisher=BBC News|date=7 March 2014|url=https://www.bbc.com/news/business-26475256|access-date=7 February 2016}}

In February 2014 Thomas Cook Group sold Gold Medal Travel, including Netflights.com, to dnata for a reported £45 million.{{cite web | title=Thomas Cook agrees sale of Gold Medal | url=http://www.travelweekly.co.uk/Articles/2014/02/11/46924/cook-agrees-sale-of-gold-medal.html | work=Travel Weekly News | date=11 February 2014 | access-date=18 May 2015 | archive-date=10 July 2015 | archive-url=https://web.archive.org/web/20150710180248/http://www.travelweekly.co.uk/Articles/2014/02/11/46924/cook-agrees-sale-of-gold-medal.html | url-status=dead }} On 26 November 2014, it was announced that Green was leaving with immediate effect, and that COO Peter Fankhauser would take over as CEO.{{cite news |last1=Farrell |first1=Sean |title=Thomas Cook shares crash amid shock departure of Harriet Green |url=https://www.theguardian.com/business/2014/nov/26/thomas-cook-chief-harriet-green-shock-departure |access-date=26 November 2014 |work=The Guardian |location=London |date=26 November 2014}}

{{Further|Deaths of Christianne and Robert Shepherd}}

In October 2006, two young British children, Christianne and Robert Shepherd aged seven and six years old respectively, died from carbon monoxide poisoning caused by a faulty boiler while on a holiday in Corfu booked through Thomas Cook.{{cite web |title=Gas death family secures legal aid |url=https://www.bbc.co.uk/news/uk-england-leeds-27638124 |website=BBC News |access-date=17 May 2015 |date=30 May 2014}} They were the first such deaths in the company's history.{{cite web |title=Corfu deaths 'could happen again', Cooper tells inquest |url=http://www.travelweekly.co.uk/Articles/2015/05/05/54061/corfu-deaths-could-happen-again-cooper-tells-inquest.html |last=Hayhurst |first=Lee |date=5 May 2015 |work=Travel Weekly |access-date=17 May 2015 |archive-date=10 August 2015 |archive-url=https://web.archive.org/web/20150810075902/http://www.travelweekly.co.uk/Articles/2015/05/05/54061/corfu-deaths-could-happen-again-cooper-tells-inquest.html |url-status=dead }} Two Thomas Cook employees were subsequently amongst 11 defendants facing manslaughter by negligence charges at a criminal trial in Greece in 2010; both were acquitted and the company was cleared of any wrongdoing.{{cite news |title=Reps not guilty over Corfu deaths |url=http://news.bbc.co.uk/1/mobile/england/bradford/8658972.stm|access-date=17 May 2015 |work=BBC News |date=4 May 2010}}

In 2015, a UK inquest was held into the children's deaths; the jury returned a verdict of unlawful killing and concluded that the travel group had "breached its duty of care".{{cite web |title=Corfu deaths firm 'breached duty' |url=https://www.bbc.co.uk/news/uk-england-32719823 |website=BBC News |access-date=17 May 2015 |date=13 May 2015}}{{cite news |last1=Trend |first1=Nick |title=Corfu carbon monoxide tragedy: Can we trust tour operators with our safety? |url=https://www.telegraph.co.uk/travel/travelnews/11606621/Corfu-carbon-monoxide-tragedy-Can-we-trust-tour-operators-with-our-safety.html |access-date=17 May 2015 |work=The Daily Telegraph |date=4 February 2016}}

After the inquest, The Mail on Sunday published a news story saying that Thomas Cook had received £3 million from the owners of the hotel where the children's deaths had occurred.{{cite news |last1=Bourke |first1=Joanna |title=This is how Thomas Cook turned a tragedy into a corporate disaster |url=https://www.independent.co.uk/news/business/analysis-and-features/carbon-monoxide-deaths-from-a-tragedy-to-a-corporate-disaster-for-thomas-cook-10259735.html |archive-url=https://ghostarchive.org/archive/20220507/https://www.independent.co.uk/news/business/analysis-and-features/carbon-monoxide-deaths-from-a-tragedy-to-a-corporate-disaster-for-thomas-cook-10259735.html |archive-date=7 May 2022 |url-access=subscription |url-status=live |access-date=19 May 2015 |work=The Independent |date=19 May 2015 |language=en}}{{cbignore}} In response, Thomas Cook made a charitable donation of £1.5m to UNICEF. However, the children's family said that they had not been consulted about this donation, which became the subject of criticism.{{cite news |last1=Khomami |first1=Nadia |title=Corfu holiday deaths: family not consulted over Thomas Cook donation |url=https://www.theguardian.com/uk-news/2015/may/19/corfu-holiday-deaths-family-not-consulted-over-thomas-cook-donation |access-date=19 May 2015 |work=The Guardian |date=19 May 2015}} In UK newspaper The Independent Joanna Bourke wrote: "Nothing Thomas Cook could ever do would bring back the two children killed by carbon monoxide poisoning on a Greek holiday in 2006. But the firm's handling of the case has been a lesson in how not to manage a crisis".

In 2016 the Co-operative Group decided that it would exercise its option to quit the branch network joint venture. Thomas Cook Group announced it would buy out the stakes in The Co-operative Travel owned by The Co-operative Group and Central England Co-operative, taking full control of the retail network and re-branding the high street travel stores that had operated under the Co-operative brand gradually during 2017–18.{{cite news|title=Thomas Cook to take over Co-op travel stores|url=https://www.telegraph.co.uk/business/2016/12/06/thomas-cook-take-co-op-travel-stores/|newspaper=The Telegraph|date=6 December 2016|author=Jillian Ambrose}}{{cite magazine|title=Co-operative Travel to disappear from high street as Thomas Cook confirms full takeover|url=https://www.campaignlive.co.uk/article/co-operative-travel-disappear-high-street-thomas-cook-confirms-full-takeover/1417819|author=Simon Gwynn|date=6 December 2016|magazine=Campaign|access-date=13 November 2017}}

In March 2017, Thomas Cook announced the sale of its Belgian airline operations to Lufthansa. As a result, Thomas Cook Airlines Belgium was shut down by November 2017 with two aircraft and all traffic rights being handed to Brussels Airlines. Its three remaining aircraft were relocated to sister companies.{{cite web |title=Thomas Cook gibt belgisches Fluggeschäft an Lufthansa ab |url=http://www.aero.de/news-26385/Thomas-Cook-gibt-belgisches-Fluggeschaeft-an-Lufthansa-Konzern-ab.html |website=aero.de |access-date=3 December 2019 |language=de |date=30 March 2017}}{{cite web|url=http://www.ch-aviation.com/portal/news/54704-brussels-airlines-to-absorb-thomas-cook-airlines-belgium|title=Brussels Airlines to absorb Thomas Cook Airlines Belgium|access-date=29 July 2017}}

In August 2018, a British couple, John and Susan Cooper, aged 69 and 63 respectively, died on a Thomas Cook holiday, while staying at the Steigenberger Aqua Magic in the Red Sea resort of Hurghada. According to the Egyptian authorities, John died of a heart attack and Susan died of shock.{{cite news|url=https://www.bbc.co.uk/news/uk-england-45292083|title=Thomas Cook hotel guests to be removed after Egypt deaths|newspaper=BBC|access-date=24 August 2018|date=24 August 2018}} The couple's daughter, also present at the resort, blamed the faulty air conditioning system at the resort. Thomas Cook hurriedly evacuated around 300 holidaymakers staying in the same hotel after other guests started to fall ill.{{cite news|url=https://www.telegraph.co.uk/news/2018/08/23/british-couple-die-egypt-red-sea-resort-hurghada/|title=British couple 'fit and healthy' before deaths on Thomas Cook holiday as 300 evacuated from Egyptian hotel|newspaper=The Daily Telegraph|access-date=24 August 2018|date=23 August 2018|last1=Lyons|first1=Izzy|last2=Boyle|first2=Danny}}

In November 2018, business analysts suggested that Thomas Cook should split the business to help recover its financial health.{{cite web |last1=Dyer |first1=Renae |title=Thomas Cook could be split up, Barclays suggests as it slashes target price |url=https://www.proactiveinvestors.co.uk/companies/news/210119/thomas-cook-could-be-split-up-barclays-suggests-as-it-slashes-target-price-210119.html |website=Proactive Investors UK |access-date=22 April 2019 |language=en |date=28 November 2018}}

In February 2019, the Financial Times newspaper said that the Thomas Cook Group had received bids for its airline business, which included Condor, and also the company as a whole.{{cite web|url=https://www.ft.com/content/e25c6598-2ae9-11e9-a5ab-ff8ef2b976c7|title=Why Thomas Cook thinks a £1bn airline deal is just the ticket|date=7 February 2019|website=Financial Times|access-date=22 April 2019}} In March 2019, Thomas Cook UK announced 21 travel office closures and the redundancy of 300 staff, justifying the decision with the fact that 64% of bookings had been made online in 2018.{{cite web|title=Thomas Cook to close 21 stores and cut jobs|url=https://www.bbc.co.uk/news/business-47665603.html|website=BBC News|date=23 August 2019|access-date=21 September 2019}}

In May 2019, the company reported that it had secured £300 million of emergency funding from its banks.{{cite news|url=https://www.telegraph.co.uk/business/2019/05/16/thomas-cook-suffers-15bn-loss-confirms-multiple-bids-received/|title=Thomas Cook crisis escalates as it lands £300m in emergency funding|newspaper=The Telegraph|date=16 May 2019|access-date=27 May 2019|last1=Gill|first1=Oliver|last2=O'Dwyer|first2=Michael}} Then in May 2019, the company announced a loss of £1.5 billion for the first half of its financial year, with £1.1 billion of the loss being attributable to goodwill write-downs.{{cite web|url=https://www.bbc.co.uk/news/business-46452374|title=Thomas Cook: What's gone wrong at the holiday firm?|date=20 September 2019|website=BBC News|access-date=21 September 2019}} In June 2019, Thomas Cook said that it was in talks with the Chinese company Fosun International with regard to the possible sale of its tour operator business.{{cite news|newspaper=Financial Times|title=Thomas Cook in talks with Fosun to sell tour operator business|url=https://www.ft.com/content/67b1e492-8b4e-11e9-a1c1-51bf8f989972|date=10 June 2019|author=Myles McCormick}} On 28 August 2019, Thomas Cook announced that Fosun would pay £450 million for 75% of the firm's tour business and 25% of its airline.{{cite web |title=Thomas Cook to sell majority stake to China's Fosun |url=https://www.bbc.co.uk/news/business-49493876 |website=BBC News |access-date=21 September 2019 |date=28 August 2019}}

File:Thomas Cook R.I.P. flowers Enfield, London (2).jpg

By September 2019, Thomas Cook Group was "the most shorted company on the London Stock Exchange",{{cite web|url=https://www.cityam.com/thomas-cook-collapse-set-to-net-hedge-funds-millions/|title=Thomas Cook collapse set to net hedge funds millions|date=23 September 2019|website=CityAM|language=en-GB|access-date=23 September 2019 |first=Anna |last=Menin }} and reports began to emerge that the company was "in last minute negotiations" with bondholders, in order to approve the Fosun takeover.{{cite web |title=Thomas Cook 'racing to finalise rescue deal' |url=https://www.bbc.co.uk/news/business-49707230 |website=BBC News |access-date=21 September 2019 |date=15 September 2019}} Less than a week later, Thomas Cook asked HM Government to fund a £200 million gap in the company's finances to prevent the firm falling into administration.{{cite web |title=Thomas Cook asks government for bailout in funding race |url=https://www.bbc.co.uk/news/business-49761464 |website=BBC News |access-date=21 September 2019 |date=21 September 2019}} The company had by that point secured £900m in funding as part of a debt-for-equity swap, including £450m from Fosun.{{Cite news|url=https://www.theguardian.com/business/2019/sep/19/thomas-cook-races-to-raise-extra-200m-to-secure-rescue-deal|title=Thomas Cook races to raise extra £200m to secure rescue deal|last1=Butler|first1=Sarah|date=19 September 2019|work=The Guardian|access-date=23 September 2019|last2=Farrell|first2=Sean|language=en-GB|issn=0261-3077}}

Despite this, a late demand is reported to have emerged from the Group's funders, including Royal Bank of Scotland and Halifax, who insisted that the Group be sufficiently recapitalised to ensure operations were protected through to January, when bookings are traditionally quieter and liquidity would be challenging.{{Cite news|url=https://www.thetimes.com/article/thomas-cook-led-by-peter-fankhauser-in-last-ditch-meeting-hhnbp63fh|title=Thomas Cook, led by Peter Fankhauser, in last-ditch meeting|last=Meddings|first=Sabah|date=22 September 2019|work=The Sunday Times|access-date=23 September 2019|language=en|issn=0956-1382}} This demand meant the group needed an extra £200 million of funding to keep the company operational. These efforts did not succeed, with the UK Government Secretary of State for Transport Grant Shapps rejecting any discussion of UK intervention.{{cite web|url=https://www.lbc.co.uk/radio/presenters/nick-ferrari/transport-minister-thomas-cook-bail-out/|title=Transport Minister Explains Why The Government Refused To Bail Out Thomas Cook|website=LBC|language=en|access-date=23 September 2019}} Media reports had earlier indicated that a group, including the Turkish government and a group of Spanish hoteliers backed by Spanish ministers, had offered financial support in order to assist their domestic industries, but that rescue had failed because "the British government said it was not prepared to provide any financial guarantees to underpin the funding package."{{Cite news|url=https://www.theguardian.com/business/2019/sep/23/squadrons-start-flying-150000-thomas-cook-customers-back-to-uk|title=UK ministers accused of sealing Thomas Cook's fate|last1=Davies|first1=Rob|date=23 September 2019|work=The Guardian|access-date=23 September 2019|last2=Topham|first2=Gwyn|language=en-GB|issn=0261-3077}}

A final failed attempt to prevent the Thomas Cook Group from administration or liquidation took place the evening of 22 September 2019. At around midnight on 23 September, airports in the UK began to impound Thomas Cook aircraft upon arrival, citing "default in payment of airport charges".{{cite web|url=https://www.manchestereveningnews.co.uk/news/greater-manchester-news/thomas-cook-flight-detained-manchester-16965841|title=The moment the first Thomas Cook plane was impounded at Manchester Airport|last=Rucki|first=Alexandra|date=23 September 2019|website=Manchester Evening News|access-date=23 September 2019}}{{cite web|url=https://www.bbc.co.uk/news/business-49796827|title=Thomas Cook customers to fly home after firm collapses|date=23 September 2019|website=BBC News|access-date=23 September 2019}} Shortly after 02:00 BST, the Civil Aviation Authority (CAA) announced that the Thomas Cook Group had entered liquidation and ceased operations with immediate effect, leaving around 600,000 tourists overseas.{{cite news |last1=Duffy |first1=Clare |last2=McLean |first2=Rob |title=Thomas Cook collapses, leaving thousands of travelers stranded |url=https://www.cnn.com/2019/09/22/business/thomas-cook-collapse/index.html |website=CNN |access-date=10 November 2019 |date=23 September 2019}}{{cite web |last1=Goodley |first1=Simon |last2=Makortoff |first2=Kalyeena |last3=Bannock |first3=Caroline |title=Thomas Cook collapses, stranding 150,000 UK holidaymakers |url=https://www.theguardian.com/business/2019/sep/22/thomas-cook-in-last-ditch-talks-to-avoid-collapse |website=The Guardian |access-date=10 November 2019 |date=23 September 2019}} The collapse of the company marked the end of a brand name that had been in continuous use since 1841.{{cite web|url=https://www.telegraph.co.uk/travel/tours/history-of-thomas-cook/|title=History of Thomas Cook|website=The Telegraph|date=20 September 2019|access-date=23 September 2019}}

The collapse triggered an operation initiated by the CAA, aiming to repatriate 150,000 British citizens from abroad. The operation was codenamed 'Operation Matterhorn' and overtook the 2017 collapse of Monarch Airlines as the UK's biggest peacetime repatriation. Around 40 aircraft from various airlines, including easyJet and Virgin Atlantic, as well as at least one Airbus A380 from Malaysia Airlines, were chartered.{{cite web|url=https://www.bbc.co.uk/news/business-49791249|title=Thomas Cook collapses as rescue talks fail|date=23 September 2019|website=BBC News|language=en-GB|access-date=23 September 2019}} Insurance companies took care of customers from Germany, one of the former company's biggest markets.{{cite web|url=https://www.reuters.com/article/us-thomas-cook-grp-investment/british-travel-firm-thomas-cook-collapses-stranding-hundreds-of-thousands-idUSKBN1W801E|title=Hundreds of thousands stranded after travel firm Thomas Cook collapses|date=22 September 2019|website=Reuters|access-date=23 September 2019|archive-url=https://web.archive.org/web/20190924052910/https://www.reuters.com/article/us-thomas-cook-grp-investment/british-travel-firm-thomas-cook-collapses-stranding-hundreds-of-thousands-idUSKBN1W801E|archive-date=24 September 2019|url-status=live}}

David McHugh of CTV News reported that there were many factors that led to the collapse: a high debt load of £1.6 billion ($2 billion) combined with a changing travel market and online competition, events such as terrorist attacks in tourist destinations including Tunisia, the European heat wave in 2018, uncertainty caused by Brexit, and high fuel costs.{{cite news |last1=McHugh |first1=David |title=Perfect storm of change, debt and Brexit sank Thomas Cook |url=https://www.ctvnews.ca/business/perfect-storm-of-change-debt-and-brexit-sank-thomas-cook-1.4605789 |access-date=26 January 2020 |work=CTV News |date=23 September 2019 |language=en}}

On 9 October 2019, independent travel agent Hays Travel announced that it had acquired all 555 former Thomas Cook travel stores in the UK, and planned to re-employ a "significant number" of former employees. Hays, which already operated 190 of their own stores, expected to retain over 25% of the retail staff, saving roughly 2,500 jobs.{{cite news|title=Hays Travel Buys Thomas Cook Stores, Saving Thousands of Jobs|date=9 October 2019|url=https://www.nytimes.com/2019/10/09/world/europe/thomas-cook-hays-travel.html|work=The New York Times|access-date=3 November 2019|quote=We will build on the good things Thomas Cook had — not least its people — and that will put us in even better stead for the future.}}{{cite news|url=https://www.bbc.co.uk/news/business-49985369|title=Rival buys all 555 Thomas Cook stores|publisher=BBC News|access-date=3 November 2019|date=9 October 2019}}

Meanwhile, on 30 October 2019, an investment consortium consisting of Norwegian property tycoon Petter Stordalen and private equity firms Altor and TDR Capital announced that they had acquired the assets of Thomas Cook Northern Europe (also known as the Ving Group) including the Ving, Spies and Tjäreborg travel agencies, Thomas Cook Airlines Scandinavia, and the Sunwing and Sunprime hotel brands, with Stordalen and Altor owning 40% each and TDR Capital owning the remaining 20%. Thomas Cook Airlines Scandinavia was then rebranded as Sunclass Airlines.{{cite web |author1=TTR Weekly |title=Investors rescue Thomas Cook Nordic |url=https://www.ttrweekly.com/site/2019/11/investors-rescue-thomas-cook-nordic/ |website=TTR Weekly |access-date=3 December 2019 |date=1 November 2019}} There were reports on 31 October 2019 that Swiss-based investment firm LMEY Investments intended to re-acquire the Aldiana hotel brand, which it jointly owned with Thomas Cook, by buying Thomas Cook's 42% minority shareholding.{{cite news |last1=Coppola |first1=Frances |title=How Thomas Cook's Hotels Escaped The Liquidator |url=https://www.forbes.com/sites/francescoppola/2019/10/31/how-thomas-cook-hid-its-hotels-from-the-liquidator |access-date=12 December 2019 |work=Forbes |date=31 October 2019 |language=en}}{{cite news |title=Thomas Cook enters into hotel partnership with Swiss LMEY |url=https://uk.reuters.com/article/uk-thomas-cook-grp-outlook/thomas-cook-enters-into-hotel-partnership-with-swiss-lmey-idUKKCN1C10KL |archive-url=https://web.archive.org/web/20170926110322/http://uk.reuters.com/article/uk-thomas-cook-grp-outlook/thomas-cook-enters-into-hotel-partnership-with-swiss-lmey-idUKKCN1C10KL |url-status=dead |archive-date=26 September 2017 |access-date=12 December 2019 |website=Reuters |date=26 September 2017 |language=en}}

Fosun International purchased the Thomas Cook name and logo, along with the Casa Cook and Cook's Club hotel brands, for £11 million on 1 November 2019. Then, on 8 November 2019, it was announced that Thomas Cook's airport slots had been sold to easyJet and Jet2holidays for £36 million, with the former acquiring Gatwick and Bristol and the latter acquiring Birmingham, London Stansted and Manchester.{{cite web |last1=Lunn |first1=Emma |title=Thomas Cook's airport slots sold to easyJet and Jet2 |url=https://www.yourmoney.com/household-bills/thomas-cooks-airport-slots-sold-to-easyjet/ |website=Your Money |access-date=10 November 2019 |language=en |date=8 November 2019}} Thomas Cook Germany announced that it would close down on 1 December 2019, after having failed to find a buyer, with administrators in talks to sell Thomas Cook Germany's tour operators Öger Tours, Bucher Reisen, Neckermann and Air Marin and find buyers for hotel brands Sentido and Smartline.{{cite web |last1=Taylor |first1=Ian |title=Thomas Cook Germany to close as administrators fail to find buyer |url=http://www.travelweekly.co.uk/articles/349139/thomas-cook-germany-to-close-as-administrators-fail-to-find-buyer |website=Travel Weekly |access-date=14 November 2019 |date=8 November 2018}}

Neset Kockar, the chairman of Turkish tour operator Anex Tours, acquired Russian tour operator Intourist from Thomas Cook's liquidators on 15 November 2019.{{cite web |title=Russian travel agency Intourist plans IPO after shareholder change |url=https://uk.reuters.com/article/us-thomas-cook-grp-investment-russia/russian-travel-agency-intourist-plans-ipo-after-shareholder-change-idUKKBN1XP0Y9 |archive-url=https://web.archive.org/web/20191115125726/https://uk.reuters.com/article/us-thomas-cook-grp-investment-russia/russian-travel-agency-intourist-plans-ipo-after-shareholder-change-idUKKBN1XP0Y9 |url-status=dead |archive-date=15 November 2019 |website=Reuters |access-date=3 December 2019 |language=en |date=15 November 2019}} Meanwhile, Anex Tours acquired Thomas Cook Germany's tour operators Öger Tours and Bucher Reisen, saving 84 jobs, on 21 November 2019.{{cite web |title=Turkish travel agency acquires Thomas Cook's German leg |url=http://www.hurriyetdailynews.com/turkish-travel-agency-acquires-thomas-cooks-german-leg-148991 |website=Hürriyet Daily News |access-date=3 December 2019 |language=en |date=22 November 2019}}{{cite web |title=Turkey tourism firm buys German Thomas Cook units |url=https://ahvalnews.com/turkey-germany/turkey-tourism-firm-buys-german-thomas-cook-units |website=Ahval |access-date=3 December 2019 |language=en |date=21 November 2019 |archive-date=18 April 2021 |archive-url=https://web.archive.org/web/20210418162447/https://ahvalnews.com/turkey-germany/turkey-tourism-firm-buys-german-thomas-cook-units |url-status=dead }} Anex Tours also acquired the trademark rights for tour operator Neckermann Reisen from Thomas Cook Germany's liquidators on 2 January 2020.{{cite web|url=https://www.neckermann-reisen.de/ueber-uns/|title=About us|publisher=Neckermann Reisen|access-date=19 March 2024}}

The German travel group DER Touristik acquired the Sentido hotel brand, with the deal subject to antitrust approval, on 4 December 2019.{{cite news |title=DER Touristik übernimmt Hotelmarke Sentido von Thomas Cook |url=https://www.welt.de/regionales/hessen/article204046098/DER-Touristik-uebernimmt-Hotelmarke-Sentido-von-Thomas-Cook.html |website=WELT |access-date=5 December 2019 |language=de-DE |date=4 December 2019}}{{cite web |title=DER Touristik übernimmt Hotelmarke Sentido von deutscher Thomas Cook |url=https://www.tageskarte.io/detail/der-touristik-uebernimmt-hotelmarke-sentido-von-deutscher-thomas-cook.html |website=Tageskarte |access-date=5 December 2019 |language=de-DE |date=4 December 2019}} Thomas Cook Balearics had closed down after becoming insolvent on 26 December 2019.{{cite web |last1=Eiselin |first1=Stefan |title=Wet-Lease-Anbieterin: Thomas Cook Balearics ist insolvent |url=https://www.aerotelegraph.com/thomas-cook-balearics-ist-insolvent |website=aeroTELEGRAPH |access-date=28 December 2019 |language=de-CH |date=26 December 2019}}

On 24 January 2020, it was announced that Polish carrier LOT Polish Airlines had acquired German airline Condor, with the acquisition expected to be completed by April 2020 once antitrust approval had been secured.{{cite news |last1=Wissenbach |first1=Ilona |last2=Lauer |first2=Klaus |title=Polish carrier LOT acquires German airline Condor |url=https://www.reuters.com/article/us-thomas-cook-condor-sale-lot/polish-carrier-lot-to-buy-german-airline-condor-sources-idUSKBN1ZN0OA |access-date=1 February 2020 |website=Reuters |date=24 January 2020 |language=en}} However, on 13 April 2020, it was announced that LOT Polish Airlines had withdrawn its offer to acquire German airline Condor,{{cite web |title=Poland's LOT pulls out of deal to buy German airline Condor |url=https://uk.reuters.com/article/health-coronavirus-poland-condor/polands-lot-pulls-out-of-deal-to-buy-german-airline-condor-idUKL5N2C12HW |website=Reuters |access-date=24 April 2020 |language=en |date=13 April 2020 |archive-url=https://web.archive.org/web/20210420100440/https://www.reuters.com/article/health-coronavirus-poland-condor/polands-lot-pulls-out-of-deal-to-buy-german-airline-condor-idUKL5N2C12HW |archive-date=20 April 2021|url-status=dead}} with the German government agreeing to support Condor with emergency liquidity.{{cite web |title=Germany to grant rescue liquidity for carrier Condor – sources |url=https://uk.reuters.com/article/uk-health-coronavirus-condor/germany-to-grant-rescue-liquidity-for-carrier-condor-sources-idUKKBN22214E |archive-url=https://web.archive.org/web/20200420214439/https://uk.reuters.com/article/uk-health-coronavirus-condor/germany-to-grant-rescue-liquidity-for-carrier-condor-sources-idUKKBN22214E |url-status=dead |archive-date=20 April 2020 |website=Reuters |access-date=24 April 2020 |language=en |date=20 April 2020}} The German airline Thomas Cook Aviation filed for bankruptcy due to the COVID-19 pandemic on 2 April 2020.{{cite web |last1=Lapers |first1=Thibault |title=[Coronavirus] German leisure airline Thomas Cook Aviation files for bankruptcy |url=https://www.aviation24.be/airlines/thomas-cook-group/coronavirus-thomas-cook-aviation-files-for-bankruptcy/ |website=Aviation24.be |access-date=2 April 2020 |date=2 April 2020}}

On 16 September 2020, Fosun International relaunched Thomas Cook as Thomas Cook Holidays, an online travel company with 50 employees.{{cite news |last1=Plush |first1=Hazel |title=Thomas Cook relaunched as online-only tour operator |url=https://www.telegraph.co.uk/travel/news/thomas-cook-online-relaunch-package-holidays-news/ |access-date=21 September 2020 |work=The Daily Telegraph |date=16 September 2020}}

Below are the financial records of the Thomas Cook Group plc between 2008 and 2018 and the combination of Thomas Cook AG and MyTravel Group in 2007.

At the time of the 2007 merger, 52% of the shares in the new company were held by the German mail-order and department store company Arcandor (the former owner of Thomas Cook AG) and 48% owned by the shareholders of MyTravel Group. Arcandor filed for bankruptcy in June 2009,{{cite news|url=http://news.bbc.co.uk/1/hi/business/8091298.stm |title=Germany's Arcandor in bankruptcy |website=BBC News |date=9 June 2009 |access-date=5 October 2013}} and its shares in Thomas Cook were sold in September 2009.{{cite web|last=Scuffham |first=Matt |url=http://uk.reuters.com/article/idUKTRE5885MO20090909 |archive-url=https://archive.today/20120630183012/http://uk.reuters.com/article/idUKTRE5885MO20090909 |url-status=dead |archive-date=30 June 2012 |title=Arcandor banks launch Thomas Cook share placement |website=Reuters |date=9 September 2009 |access-date=5 October 2013}}

As of June 2016, Thomas Cook Group plc's three major shareholders were Invesco (19%), Standard Life Investments (10%), and the business magnate and investor Guo Guangchang (7.03%). The remainder of the stock floated freely.{{cite web |title=THOMAS COOK GROUP: Shareholders Board Members Managers and Company Profile |url=https://www.marketscreener.com/THOMAS-COOK-GROUP-4007030/company/ |website=MarketScreener |access-date=30 November 2019 |language=en}}

Thomas Cook Group employed approximately 21,000 staff worldwide, with 9,000 in the United Kingdom.{{cite web|url=https://www-independent-co-uk.cdn.ampproject.org/v/s/www.independent.co.uk/news/business/news/thomas-cook-news-collapse-employees-jobs-staff-latest-a9116816.html?amp_js_v=a2&_gsa=1&&usqp=mq331AQCKAE%3D#aoh=15692599232694&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.independent.co.uk%2Fnews%2Fbusiness%2Fnews%2Fthomas-cook-news-collapse-employees-jobs-staff-latest-a9116816.html|title=Thomas Cook is no more – what now for its 21,000 staff?|website=The Independent|date=23 September 2019|access-date=23 September 2019|archive-date=28 March 2021|archive-url=https://web.archive.org/web/20210328191607/https://www-independent-co-uk.cdn.ampproject.org/v/s/www.independent.co.uk/news/business/news/thomas-cook-news-collapse-employees-jobs-staff-latest-a9116816.html?amp_js_v=a2&_gsa=1&=&usqp=mq331AQCKAE%3D#aoh=15692599232694&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.independent.co.uk%2Fnews%2Fbusiness%2Fnews%2Fthomas-cook-news-collapse-employees-jobs-staff-latest-a9116816.html|url-status=dead}}

Thomas Cook Retail Limited was the UK travel agent, and successor to Thomas Cook & Son stores.{{cite web |title=THOMAS COOK RETAIL LIMITED |url=https://beta.companieshouse.gov.uk/company/00102630 |website=Companies House |access-date=30 November 2019 |language=en |date=30 November 2019}} It was a subsidiary of the Thomas Cook Group, who operated a total of 555 travel stores all over the United Kingdom. The agents primarily sold package holidays under the in-house British tour operator Thomas Cook Tour Operations, and flight-only bookings with Thomas Cook Airlines. On 23 September 2019, the business entered compulsory liquidation, like all other UK entities in the group.

Thomas Cook In Destination Management Limited{{cite web |title=THOMAS COOK IN DESTINATION MANAGEMENT LIMITED |url=https://beta.companieshouse.gov.uk/company/08927429 |website=Companies House |access-date=9 November 2019 |language=en |date=9 November 2019}} was an overseas management company, operating on behalf of its British sister tour operator and airline. The business was in charge of managing bus transfers to hotels and providing hotel 'reps' for Thomas Cook customers.{{cite web |title=IN DESTINATION & HOTELS |url=https://careers.thomascook.com/go/In-Destination-&-Hotels_SE/3643001/ |website=Thomas Cook |access-date=9 November 2019 |date=9 November 2019}} It ceased operations on 23 September 2019 after Thomas Cook Group and its UK entities entered compulsory liquidation.

Thomas Cook Hotels and Resorts Limited was the Thomas Cook Group's wholly owned hotel business. The majority of hotels were located in Europe, primarily in countries within the European Union.{{cite web |title=Thomas Cook Hotels & Resorts |url=https://www.thomascookgroup.com/hotels-and-resorts |website=Thomas Cook Group |access-date=12 August 2019 |language=en |date=12 August 2019 |archive-date=12 October 2019 |archive-url=https://web.archive.org/web/20191012073433/https://www.thomascookgroup.com/hotels-and-resorts |url-status=dead }}{{cite web |last1=Dennis |first1=Juliet |title=Thomas Cook to open 20 own-brand hotels by end of 2019 |url=http://www.travelweekly.co.uk/articles/315184/thomas-cook-to-open-20-own-brand-hotels-by-end-of-2019 |website=Travel Weekly |access-date=12 August 2019 |date=31 October 2018}} Brands included Casa Cook, Sentido, Sunprime, Cook's Club, Aldiana, Sunwing, SunConnect, and Smartline.{{cite web |last1=Chapple |first1=James |title=Thomas Cook debuts newly refurbished Sunwing Arguineguin |url=https://www.ttgmedia.com/news/news/thomas-cook-debuts-newly-refurbished-sunwing-arguineguin-18735 |website=Travel Trade Gazette |access-date=12 August 2019 |language=En |date=17 July 2019}}

The Thomas Cook Group's airline division operated as one operating segment, the Thomas Cook Group Airlines (TCGA).{{cite web |last1=Thomas |first1=Nathalie |title=Thomas Cook to merge three airline operations |url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/leisure/9851228/Thomas-Cook-to-merge-three-airline-operations.html |website=Telegraph |access-date=2 August 2019 |date=5 February 2013}}

{{Main|Thomas Cook Group Airlines}}

Thomas Cook was a main sponsor of Manchester City and Peterborough United football clubs. On 22 May 2009, Manchester City announced that its six-year partnership with Thomas Cook would conclude at the end of the 2008–09 Premier League season.{{cite web |url=http://www.mcfc.co.uk/news/club-news/2009/may/fond-farewell-to-thomas-cook |title=Fond farewell to Thomas Cook |date=22 May 2009 |website=Manchester City F.C. |access-date=6 October 2013 |archive-date=19 January 2016 |archive-url=https://web.archive.org/web/20160119110651/http://www.mcfc.co.uk/news/club-news/2009/may/fond-farewell-to-thomas-cook |url-status=dead }} Thomas Cook was a sponsor of the London 2012 Summer Olympics. As one of the UK's biggest and most popular providers of package holidays, Thomas Cook was appointed to provide "affordable and accessible" holidays and accommodation throughout the games.{{cite news |last1=Magnay |first1=Jacquelin |title=London 2012 Olympics: 200,000 spare tickets still to be sold |url=https://www.telegraph.co.uk/sport/olympics/news/9403393/London-2012-Olympics-200000-spare-tickets-still-to-be-sold.html |access-date=3 December 2019 |work=The Telegraph |date=16 July 2012}}

{{Portal bar|London|Companies}}

{{reflist|group=note}}

{{reflist}}

{{Commons category|Thomas Cook Group}}

• {{official website|www.thomascookgroup.com}}
• [http://www.thomascook.com/ www.thomascook.com]—Former official Web site
• {{PM20|FID=co/022342|TEXT=Clippings about|NAME=}}
• [http://www.recordoffice.org.uk/news/thomas-cook-comes-home/ Company archive: The Thomas Cook Archive has been transferred to the Record Office for Leicestershire, Leicester and Rutland in Long Street, Wigston Magna, Leicestershire, LE18 2AH as of January 2020]

{{Thomas Cook Group|state=expanded}}

{{Tourism in the United Kingdom}}

{{Authority control}}

Category:1841 establishments in England

Category:2019 disestablishments in England

Category:British companies established in 1841

Category:British companies disestablished in 2019

Category:Companies based in Peterborough

Category:Companies formerly listed on the Frankfurt Stock Exchange

Category:Companies formerly listed on the London Stock Exchange

Category:Companies that have entered administration in the United Kingdom

Category:Defunct companies based in Cambridgeshire

Category:Transport companies established in 1841

Category:Transport companies disestablished in 2019

Category:Travel and holiday companies of the United Kingdom

Category:Travel agencies