Thomas Cook plays down latest blow
Thomas Cook is attempting to play down the news today that an insurance company has pulled its cover for third party firms supplying goods and services to the beleaguered travel company.
The move by Euler Hermes, which provides credit insurance to protect suppliers when a company goes bust, could threaten Thomas Cook’s relationship with other tour operators that sell their holidays through its retail chain.
The Sun newspaper, which broke the story, said it had been contacted by a member of Thomas Cook staff who was worried that fuel, food and travel firms would stop dealing with the company.
However, Cook insisted that no companies had withdrawn their product and no customers have been affected by the move. In a statement it said: "We are a very large group.
"Euler Hermes is a trade credit insurer covering only a very limited number of third party travel providers to Thomas Cook — and only in the UK.
"Thomas Cook is doing just fine."
"We are pleased to report that our banks and other suppliers continue to remain supportive."
The firm confirmed yesterday that it is attempting to negotiate a two-year extension to a reported £1.2bn loan with a consortium of 17 banks. A Cook spokeswoman said the company expected to conclude a deal with the banks "within the next couple of weeks".
She said this was not a lifeline for Thomas Cook, but rather prudent planning by the company to secure its finances.
"The announcement we issued on Monday, and the recent trading update, demonstrate that the Group continues to make steady progress," she added. "We are pleased to report that our banks and other suppliers continue to remain supportive."
Cook also revealed on Monday that it is considering selling additional aircraft and leasing them back as part of restructure plans to return the 170 year old company to profitability.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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