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Thomas Cook Collapse: UK Government to Repatriate 160,000 Travellers

Discussion in 'International Markets' started by greggles, Sep 23, 2019.

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  1. greggles

    greggles I'll be back!

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    Extraordinary news about the 178-year-old British tour operator Thomas Cook entering liquidation today.

    The UK government is preparing to launch Operation Matterhorn, led by the Civil Aviation Authority, to repatriate 160,000 stranded Brit travellers at an estimated cost of 100 Million Pounds. It's the biggest peacetime repatriation operation in British history.

    Not only have Thomas Cook ruined a lot of holidays, and left thousands of people unemployed, but they've just cost the British taxpayer a huge amount of money. I doubt anyone will be held accountable, but it was nice of them to leave a goodbye Tweet before announcing that their Twitter account will no longer be monitored.



    In Australia Webjet has been impacted by the collapse but has managed to claw its way back from early losses this morning to be just 2.3% down at $11.25.

    No apparent indication this corporate collapse was coming but it sure is a whopper. :speechless:

     
  2. sptrawler

    sptrawler

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    Yes, it is going to be tough for this business model, when all your bookings can be done on the internet.
    Having to pay for consultants, shop front leases and overheads IMO is going to knock over many of these style travel agents.
    The older generation that use travel agents are disappearing and the younger generation are internet savy, so will do their own booking online direct.:2twocents
     
  3. Johny5

    Johny5

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    i listen to a BBC radio 5 broadcast "Wake up to money" they had mentioned the troubles at Thomas Cook a few times in recent weeks, last week they were saying that a collapse was very likely and that Thomas Cook was having an asset fire sale to save itself, obviously it didn't work.
     
  4. SirRumpole

    SirRumpole

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    Fleets of RAF transport aircraft and warships rescuing stranded travellers ?
     
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  5. qldfrog

    qldfrog

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    Chartering drunk Brits from Ibiza?
    Is it a Spain rescue mission?;)
     
  6. sptrawler

    sptrawler

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    Sounds like Dunkirk, all over again.:D
     
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  7. Jack Aubrey

    Jack Aubrey Very inexperienced trader

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    I am sure that plucky British Spirit and a bit of Derring-do will see everyone home safe in time for tea, provided the weather is OK.
     
  8. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

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    What Ho! Good stuff man.
     
  9. SirRumpole

    SirRumpole

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  10. leyy

    leyy ley

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    Flight Centre is the closest imo in Australia.
     
  11. sptrawler

    sptrawler

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    Yes I would say they have a lot of overheads, always in high profile locations, the surge in baby boomers retiring and travelling is probably masking reality. Just my opinion.
     
  12. Smurf1976

    Smurf1976

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    I think there's always going to be some market for "bricks and mortar" travel agents just as there's a market for all sorts of services which aren't essential.

    That market isn't likely to be big enough to warrant shop fronts in every major shopping center in the long term though.

    There's a case for using an agent if you've got time to take a holiday but not time to plan one, you want to go to France and Germany (for example) but you've never been anywhere overseas before and have no real idea apart from the obvious things what to see when you get there. There's a market for advice certainly but there's no long term market in agents purely selling tickets - online has killed that business apart from anyone still resisting and they'll be gone in due course.

    I can't see it going to zero but it's a shrinking industry in the long term. :2twocents
     
  13. qldfrog

    qldfrog

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    A funny points, i stopped using travel agents 15y or so ago even for business trips f
    And though flight Centre would collapse within 3 y
    Yet see the share price since 2007
    No real clue why it has been so slow, on the other hand never underestimate the stupidity of people;)
    And popularity of cruises in Australia which i assume is a travel agent reserved market..might be enough
     
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  14. Value Hunter

    Value Hunter

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    As a customer I like to use flight centre but I do not think they make much if any profit from me. I look for the cheapest flight on the internet on sites like Skyscanner, Webjet, etc. I then go book the flight through my local Fight Centre shop (less than 2km form my house) and get them to price match it. The reason for this is I know if I ever have a problem Flight Centre are often easier to deal with than dealing with an airline directly (or a website like Expedia) and the shop is close to my house so I can front up in person rather than getting the run around from a call centre.
     
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