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I’d have thought there’d be some taking on of debt to finance a move this big. Staff wages, shop refits, re-branding etc.Its a huge move by Hays, but they already have a couple of hundred high street stores so they aren’t going into this blind.
I believe TCs operating business was profitable, it was just their level of debt which crippled them.
I don't think he'll be buying them, more like taking over the leases of the shops.
Saying that, employing 2500 staff is the big gamble and making it pay sooner rather than later will be the key.
The fact that TC were closing branches left right and centre showed the move to internet based holidays is the growth market and days of
the high street shop were numbered.
I know some people like to do down to the travel agent and talk to someone face to face but in the last few years I've found that the
local shops weren't able to offer anything more than a friendly face as opposed to real savings.
I'm going to miss TC, it was an occasion to pop down on a Saturday and book up a holiday, especially when you had a history with them.
I hope that Hayes will be able to make a success of it as they are free from the airlines, hotels and huge staff that brought down TC.
Hopefully much more business and a larger Sunderland based HQ is built and employs more local people.
I’d have thought there’d be some taking on of debt to finance a move this big. Staff wages, shop refits, re-branding etc.
Buying all 500+ Thomas Cook stores.
Didn't realise John Hays had that big a wallet!!
BBC News - Rival buys all 555 Thomas Cook stores
Thomas Cook buyers pledge to save 555 shops and 2,500 jobs
The husband and wife owners of Hays Travel say they are hoping to keep open all 555 shops.www.bbc.co.uk
Buying all 500+ Thomas Cook stores.
Didn't realise John Hays had that big a wallet!!
BBC News - Rival buys all 555 Thomas Cook stores
Thomas Cook buyers pledge to save 555 shops and 2,500 jobs
The husband and wife owners of Hays Travel say they are hoping to keep open all 555 shops.www.bbc.co.uk
Wow, that's a huge move for them.
I really hope it doesn't create a problem for them down the line with all the increased costs. But then, maybe they want to hoover up the TC market share, just without the debt pile that ultimately killed TC.
Best of luck to them!
I really really hope it works for them. I have family who work for them, so even more so.The shops deal with alot of online enquires as well as walk ins.
They dont have a presence in scotland so this probably a foothold into that market too.
I know when he opened a branch in Bath it became one of the highest fee earners for him.
Hays offer a much wider range than TC though. In fairness to them, any time I've spotted a holiday online, I've took the quote to their branch and they've matched it or beaten it. It makes me feel git good because I've supported a local business by doing so.surely the bricks and mortar stores are a bit part of the reason thomas cook went under. I have not booked a holiday in a shop for 10+ years and they are always empty whenever I have to go in to get money changed.
No, he was part of the Drumaville consortium who sold up to Ellis Short.I’m fairly sure he was one of the shareholders of Sunderland who sold to the Irish consortium.
Hays offer a much wider range than TC though. In fairness to them, any time I've spotted a holiday online, I've took the quote to their branch and they've matched it or beaten it. It makes me feel git good because I've supported a local business by doing so.
The slots for transatlantic routes will certainly create interest, the administrators will probably try to auction them off to Virgin Atlantic and AIG Gatwick slots should rake a bit of cash in, not so sure about short haul from regional airports, although sleazy, and Jet2 will doubtless be prepared to hoover up any excess capacity required.Anyone taking over their flights?
Yes but fit you want to go to Benidorm, you have to physically get on a plane, if you want to book a holiday to Benidorm you can either sit in the comfort of your own home, and click a few computer keys and cop an online discount, or trail you arse down to the town centre struggle to find an expensive parking spot, get pissed on by the rain and then join the queue in the travel agents.Really?
I'd have thought the cost of shops and staffing them would be miniscule compared to the cost in running and paying for their 34 aircraft and the leesing of the other 70
It was more than a travel agent but I know what you meanAll reports suggest TC failed because their model wasn’t sustainable.