Thomas Cook half way through recovery
Thomas Cook chairman Frank Meysman has said he feels the tour operator’s turnaround is 50% complete.
In an interview with the Telegraph, he suggests the company is half way there.
He said: "Yes there is weed in the front yard, but people sometimes forget there is a beautiful green pasture across the channel. But OK, we need to make sure we eliminate the weed and have nice Wimbledon-like grass in the UK as well.
"We’ve now laid the foundations and can get into the next six months which will be about focusing on the customer rather than just financial matters.
"People realised we had to change; before that not everybody was convinced internally.
"The UK is definitely seeing a turnaround but in that turnaround there are elements of shop closures, of how we look at cost and service. You’re going to see a continual restructuring in the UK to put more focus on the customer and products."
In the last six months three non-executive directors and more recently the finance director have left; a refinancing deal with the banks has been agreed that allows for three years of breathing space; and the debt has been reduced by £400million.
Last week saw the sale of Thomas Cook’s Indian business for £94m and Harriet Green appointed as the travel group’s new chief executive, see previous story.
Diane
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