With the collapse of Thomas Cook, many customers are worried about sister company Condor.
As we’re all aware of by now after the news broke at 2am on September 23rd, Thomas Cook, the oldest travel agent and airline business in the world, had collapsed leaving 600,000 passengers stranded worldwide including 150,000 Brits.
While the work to repatriate the stranded holidaymakers continues, questions are still being asked about Thomas Cook’s partners such as TUI and Condor who have no doubt been hit hard by the collapse of the 178-year-old travel company.
TUI are known to use Thomas Cook flights as part of some of its package holidays and the Condor airline are, or at least were, owned in part by Thomas Cook.
Naturally, customers are concerned about the state of these businesses and whether or not they could lose out if Thomas Cook’s misfortune spreads.
What’s happened to Thomas Cook?
After months, if not years, of financial turmoil for the company, Thomas Cook was placed into administration and ceased trading at 2am on September 23rd.
The news means that the 178-year-old travel agent and airline company is no more and that 21,000 jobs across the global company have been lost.
On top of that, 600,000 passengers and holidaymakers. 150,000 of them British, have been left stranded by the collapse of Thomas Cook with the CAA (Civil Aviation Authority) drafting in a fleet of over 40 planes from other airlines to repatriate those left stranded by Thomas Cook’s collapse.
Will Condor survive?
As a subsidiary of Thomas Cook, there was understandably a great deal of concern for the German airline Condor which much like its British counterpart faced extinction.
However, thanks to a loan from the German Government, Condor has survived, at least for the time being.
The news will be a great relief for the Frankfurt-based company but will not soften the blow for the 21,000 Thomas Cook employees who are now out of a job after a last-minute rescue bid fell through.
History of Thomas Cook
The travel agent and airline is the oldest of its kind anywhere in the world.
The company was founded by a man called, you guessed it, Thomas Cook in 1841.
While the company ended up delivering holidays across much of Europe and indeed the world, the very first excursion offered by Thomas Cook was a train journey from Leicester to Loughborough, a journey of just 11 miles, when he arranged for a group of Leicester temperance campaigners to travel to a teetotal rally in the neighbouring town.
Over the next 178 years, the Thomas Cook business grew into the multinational corporation it was until today with bases across much of Europe and even China.
The collapse of Thomas Cook is a dark day for the industry and shows how fragile the market is if, in just a few years, Thomas Cook can go under in such a fashion.