Very worrying - we have already booked a villa and paid for tickets to fly to Rhodes next Summer from our local airport -if they "rationalise" I suspect that regional departures might be the first to suffer - as we are travelling with a young baby in the party a replacement flight (from Gatwick for instance) would be a major hassle for us!!

Regional departures should be Ok providing they can fill the aircraft and it's cost effective to either base an aircraft (or 2) or position there. I would expect the review to be looking more at the retail arm than the airline.

The decision to keep with TC and GP on the same high streets will be reconsidered and I would expect that some of the brands (Direct/Airtours/TC/Sunset/escapades/18-30/manos/panorama/sentido/cresta etc etc) to be merged or dropped. Similarly, some destinations may be dropped and the stake in the part owned hotels could be sold.

Hope you're right...Cardiff has suffered with a big reduction in available destinations over the past 3-4 years as well as the departure of bmibaby. As we only live ~ 6 miles from the airport its so much more convenient - Gatwick is a 3 + hour drive and even Bristol is 1.5 hours away.It would be tragic if Thos Cook withdrew as well..would really only leave Thomson for holiday flights.

Bank facilities extended and interest payments reduced, asset sales planned to strengthen balance sheet.

http://www.thomascookgroup.com/news-item?item=723201625703566

Thomas Cook extends loan agreements

Thomas Cook has managed to extend the expiry date for its banking arrangements by one year to May 2014.

This comprises a £200 million term loan and an £850 million revolving credit facility.

In addition, the interest margin on the facilities has been reduced with immediate effect.

Chief financial officer Paul Hollingworth said: "As stated in our recent trading update, we continue to perform well on cash flow, with circa £900 million of available cash and committed facilities.

"We are focussed on reducing our debt and strengthening our balance sheet and we have a number of initiatives underway to deliver progress on this including the disposal of certain hotel and surplus assets."

The operator issued a profit warning last week and announced that it had started a "fundamental review" of its business.

Thomas Cook's share price plunged 28% after it told the City that its full-year profits would be £60 million lower than expected.

It blamed the squeeze on consumer spending and political upheaval in the Middle East and North Africa.

The operator said the review would focus exclusively on its product mix, although it did not rule out job cuts.

Further details will be announced at the company's third quarter trading update in August, although the spokeswoman said the review was likely to continue beyond the summer.

The company is also waiting for news from the Competition Commission about its proposed merger with The Co-operative Travel and Midlands Co-operative.

Initial findings from the Commission's inquiry are expected to be announced within days.

With permission from Travelmole

Shock departure of Thomas Cook chief executive

Thomas Cook Group chief executive Manny Fontenla-Novoa has resigned with immediate effect.

The shock announcement came in a statement to the London Stock Exchange this morning as the Group released its interim management statement.

Sam Weihagen, currently chairman of the Northern European segment and deputy to the Group CEO, will take over the role of chief executive until a permanent successor is found.

Chairman Michael Beckett said: "The Board would like to thank Manny for his contribution to the Group. He leaves with our very best wishes for the future.

"In Sam Weihagen, we have a highly successful and experienced executive and the Board has every confidence in his ability to lead the Group until a new CEO is appointed."

Fontenla-Novoa added: "Thomas Cook and its people have a sound heritage and I have been proud to have been part of the company."

Fontenla-Novoa has led Thomas Cook since 2007 following its merger with MyTravel, having joined the company upon the acquisition of Sunworld in 1996, but in recent months he has come under increasing pressure from the Group's institutional investors to step down.

Some have blamed Fontenla-Novoa for the company's plunging share price and shrinking profits and they have questioned his decision to merge Cook's retail operation with The Co-operative Group and Midlands Co-op to create the UK's largest high street travel retailer.

In his interim statement to the Stock Exchange today, Beckett said: "The Board is focused on restoring market confidence in the Group, which has been impacted by concerns over debt levels and the poor performance of our UK business.

"We are taking actions to strengthen the balance sheet, including a disposal programme that we expect to realise up to £200m. In addition, Sam Weihagen's extensive experience in the travel industry will be invaluable in guiding the UK through its strategic and operational review."

Cook's underlying operating profit for the three months to June 30 was £20.1m, compared with £25.8m in the same period last year. The Group said its results were impacted by a weak performance in the UK and the impact of the Middle East uprisings, which it estimates cost it £25m in the quarter and it expects a similar impact in the fourth quarter.

In the UK, its average selling price for summer 2011 is up 4% year on year but margins are still lower. Its capacity has been reduced by 1% and it has 5% fewer holidays left to sell than this time last year, it said. Its winter 2011/12 programme is 22% sold.

The Group estimates its full year underlying operating profit to be in line with expectations at around £320m.

With permission from Travelmole

Thanks for the update David. I haven't got a business head so from a personal point of view I'm hoping that this won't mean bad news for the company and its customers.

David HT Mod wrote:

Shock departure of Thomas Cook chief executive

Not sure where the journo's come up with the idea that it was a shock..... been whispers around the city for a couple of months!

shirley h wrote:

I haven't got a business head so from a personal point of view I'm hoping that this won't mean bad news for the company and its customers.

Should be good news for the Company - view was that the Company lacked direction. Many investors felt that the debt levels needed addressing and some of the strategic acquisitions lacked focus - the change of CEO is a response by the board to these concerns.
Day to day in the UK the main impact will be from the full strategic review that's underway. UK business needs to be streamlined and costs reduced whilst still offering a good proposition. Too may differing brands/messages/segments at the moment.

Cook negotiates severance pay with Fontenla-Novoa

Thomas Cook is believed to be still negotiating a severance package with former chief executive Manny Fontenla-Novoa who quit yesterday.

He is believed to have offered his resignation immediately following a meeting of the company's major shareholders on Tuesday, and this was accepted by the Board.

Although Fontenla-Novoa had been under pressure from Cook's institutional investors to step down as chief executive following three profit warnings, a company source said his resignation had taken the Board by surprise.

As a result, he said no immediate successor had been lined up, although it is believed there is more than one internal candidate being considered for the role.

A company spokesman said: "The company will be casting the net far and wide, searching both inside and outside the company, looking high and low for a successor."

In the interim, deputy chief executive and chairman of the Northern European segment Sam Weihagen has taken over the role of chief executive. He is unlikely to remain in the position permanently as he was due to retire in December 2011.

With permission from Travelmole

Hi this may be a silly question as i've not been on a package holiday for a long time. Today i've received my airline tickets and travel documents booklet, I was wondering what happens with the hotel accomodation and transfer, should I get a voucher of some sort for that as well?

Hi, I received my tickets too from Thomas Cook the other day.

On page 2 of your booklet it should state your accommodation, dates you are going, board status, resort and passenger names.

Your flight coupons are towards the rear of the booklet.

The booklet is all you need, although I do take my invoices and confirmation of holiday booking as well as insurance with me in a small folder. Keep it all intact, the check in desk will remove the tickets as needed.

When you arrive at your destination airport and have collected your cases, as you go through look for the Thomas Cook reps. They will have your name on a clipboard and they will direct you to your transport that should be waiting outside the airport for you.

Normally a coach will be allocated certain area/hotels. As you get on the coach your name is ticked off the list.

That's it - no vouchers. You don't even get luggage labels anymore

Hope you have a fab holiday x

Thanks for the speedy reply.

Another question, do I go to the Thomas Cook at the departure airport or straight to the bmi baby check in desk?

When you get to your departure airport, there are normally tv screens/ screens that have all the departing flights listed on it.

Look for your flight number/destination - it will then give you the correct check in desk number for you to go to, it will also give you the time of departure.

Once you have checked in your baggage you will be given a boarding pass. This will have the number of the departure gate that you will go to once your plane is ready for boarding (air side).

Check in desks normally open 3 hours before departure. Make sure you are at the airport at least 2 hours before departure.

Ahh thanks once again. I assume Thomas Cook will help me out with hotel check-in then?

Normally your coach will stop off outside your hotel, the coach driver unloads the cases, puts them on the pavement where you then collect them from and the rep then walks you or guides you to where reception is. Then you are normally left to check in at the hotel on your own.

If you feel a bit unsure, when you board the coach ask the rep if they could give you a little bit more help. They are usually quite accommodating and helpful.

Thanks for all your help.

No problem whatsoever!! Glad to be of service!!

If you need any further help, please don't hesitate to ask or pm me if needed.

Have a lovely holiday