News

Thomas Cook to Cut 2,500 Jobs in UK

Thomas Cook to Cut 2,500 Jobs in UK

Thomas Cook UK plans to axe up to 2,500 jobs – 16% of its workforce – and to close 195 stores in Britain as part of a three-year plan. The 172-year-old company said jobs at its head offices at Peterborough and Preston were also at risk, and that it would close its Accrington office. Thomas Cook UK also has offices in Egham in Surrey, Brighton, and Birkenshaw in West Yorkshire, and has already closed 168 stores and shed 1,100 workers in recent years.

Thomas Cook UK

Peter Fankhauser, Chief Executive of Thomas Cook UK & Ireland, has instigated a 90-day consultation with the employees affected and said that the proposals will make the company, which made a £590 million loss in its last financial year, profitable. Thomas Cook UK will maintain a “strong presence on the high street” and the stores earmarked for closure did not meet performance targets or were in areas where the group has more than one retail outlet.

Having been forced to turn to its banks for an additional £200 million of loans in 2011, the UK’s second-biggest travel company has already trimmed its airline fleet and sold off hotels. Many of the stores to be closed are Co-operative Travel stores – Thomas Cook and the Co-op merged in 2011.

Peter Fankhauser added that Thomas Cook UK was planning to open its travel agencies on Bank Holidays and Sundays, while also potentially extending opening hours during the week in an effort to meet customer demand.

Group Chief Executive Harriet Green, who took over last May, has been busy trying to transform the group. She has boosted the company’s finances following a series of disposals to reduce its £1.5 billion debt mountain, including the sale of its Indian business and several Spanish hotels.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NEIL STEEDMAN has been a trade journalist, copywriter, editor and proofreader for 52 years, and News & Features Editor for ‘Irish Travel Trade News’ for the past 42 years.

More in News

Romantic Destinations from TUI Ireland

Michael FloodFebruary 15, 2019

Topflight Adds Cork and Belfast to Sorrento Programme

Neil SteedmanFebruary 15, 2019

Hainan Airlines is Looking for an Account Manager

Michael FloodFebruary 15, 2019

Silversea Introduces Zero Single Supplement on 14 Voyages

Michael FloodFebruary 15, 2019

Irish Ferries Invests €4 Million in Ulysses Upgrade

Michael FloodFebruary 14, 2019

First Sod Turned on Dublin Airport’s New North Runway



Neil SteedmanFebruary 14, 2019

Airbus to Cease A380 Deliveries in 2021

Neil SteedmanFebruary 14, 2019

Qantas Appoints New Regional General Manager, Issues New Premier Titanium Mastercard

Neil SteedmanFebruary 14, 2019

European Commission Approves Acquisition of Joint Control Over Virgin Atlantic by Air France-KLM, Delta and Virgin Group

Neil SteedmanFebruary 14, 2019

Copyright © 2016 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland