17 December 2008

Up to 15 companies will go bust this winter, warns TC boss

Thomas Cook chief executive Manny Fontenla-Novoa has predicted that up to 15 more UK travel companies could go bust in the next three months.

Speaking at a media briefing in London, he said companies which do not have back up banking facilities in place will struggle to survive in the current climate.

ââ¬ÅâœIf they can survive the next three months they will be okay, but these next three months are crucial,ââ¬~ he said.

He said airlines were among those at risk of failure in the current climate.

"There is no question it is a tough market," he said. "But we at Thomas Cook are in pretty good shape going forward."


By Bev Fearis

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