Thomas Cook Group plc was a British global travel group.
Thomas Cook & Son, originally simply Thomas Cook, was a company founded by Thomas Cook, a cabinet-maker, in 1841 to carry temperance supporters by railway between the cities of Leicester, Nottingham, Derby and Birmingham. In 1851, Cook arranged transport to the Great Exhibition of 1851. He organised his first tours to Europe in 1855 and to the United States in 1866.
In 1865, the founder’s son John Mason Cook began working for the company full-time. In 1871, he became a partner, and the name of the company was changed to Thomas Cook & Son. The company was nationalised along with the railways in 1948, becoming part of the British Transport Commission. After de-nationalisation in 1972, it was acquired by a consortium of Trust House Forte, Midland Bank and the Automobile Associationand then bought by Westdeutsche Landesbank in 1992.
In 2001 it was acquired by the German company C&N Touristic AG, which changed its name to Thomas Cook AG. From 2007, when Thomas Cook AG merged with MyTravel Group, the business was known as Thomas Cook Group plc, until it ceased operations on 23 September 2019.
The Thomas Cook Group ceased trading on 23 September 2019 and entered administration. Around 9,000 UK staff and 21,000 worldwide were left without jobs and 600,000 customers left abroad, triggering the UK’s largest peacetime repatriation.
A news report last night saw a business expert explain some of the key errors that led to Thomas Cooks liquidation this week.
What went wrong at Thomas Cook?
Thomas Cook’s collapse is being blamed on a myriad of issues, including the internet revolution and even Brexit, but the British public is still going on holiday. So why did we stop Thomas Cook-ing it?
Thomas Cook’s collapse is being blamed on a myriad of issues, including the internet revolution.
They purchased a chain of high street shops in recent years and like most people in this decade we all like to shop online at every hour so a 9-5 ‘shop’ is not as popular as it was.
We used to flick though glossy brochures and need to have the best discount flights ‘checked in store’ but we now have access to flight comparison sights, hotel comparison sights all at our fingertips so this to me explains a lot.
Losing your job
So what will happen to the 30,000 staff worldwide? With experience in travel hopefully many of them will find similar employment relatively quickly.
Why residual income is always a good option
No matter what your employment this could happen to any of us so its always good to have an income stream to pay, bills mortgages etc especially if you don’t have any savings. Online businesses such as affiliate marketing and network marketing are something that can easily be done along side an employed job from your phone, tablet or laptop anywhere in the world and are a good stream of income to back up in case of emergency.
We can all learn from this sad disaster and send love to those affected.