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Travel JV: Thomas Cook Press Speculation

Thomas Cook Group
Recent Press Coverage

You will no doubt be aware that there have been various reports in the press regarding the future of Thomas Cook.  

NACO is in regular contact with the management of the Joint Venture between Thomas Cook and Co-operative Travel.

NACO will meet with the management of the JV again on Monday 28th November to discuss the current trading position as detailed in the press, and any potential future impact on NACO members. If you have specific concerns you would like NACO to raise at this meeting please email the NACO National Office.

We understand that members will be very concerned by current developments. We have made it absolutely clear to the management team that we must be kept informed of all further developments at the earliest opportunity.  As soon as we have any further information we will update members accordingly.

 

------------  Briefing released on 22nd November 2011 by Sam Weihagen, Thomas Cook Group CEO ------------

 
''The Thomas Cook Group has this morning announced to the London Stock Exchange (LSE) that it is in discussions with its banks regarding the facilities it has in place during the normal seasonal low cash period for the Group.  This move follows deterioration in trading across some of our markets in the first quarter of this financial year, coupled with the company's cash position since the 2010/11 year end on 30 September.
 
It's important for you to understand that we remain compliant with our current banking arrangements, and that this is prudent planning on our part in the current climate.  We're taking these steps to ensure that we maintain our position and increase our resilience should there be further deterioration in trading or any unexpected events like those in the Middle East and North Africa earlier this year, or the volcanic ash cloud in 2010.
 
Our plan to announce the Group's full year results to 30 September 2011 this Thursday (24th) will now go on hold while we conclude these discussions.  You should note however that the company still expects to report a headline operating profit broadly in line with the guidance it has previously given the market.
 
Today's announcement is likely to attract some media attention, and questions may be asked, so the single most important message I'd like you to take away from this, and share with colleagues, customers and suppliers, is that it remains business as usual at Thomas Cook.
 
These discussions will have no impact on our day-to-day business operations.  Our planes continue to fly, stores and call centres remain open, our websites are taking bookings and you, our people, will continue to deliver the exceptional service that customers have come to expect from the most trusted brand in travel over the past 170 years.
 
These are unprecedented times during which we must draw on all our skills and determination and I'm confident that with all your help we will trade successfully through this challenging period.  Thank you for your ongoing support and commitment.''