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Thomas Cook saved by Hays Travel

10:08, 09 October 2019

updated: 16:51, 25 August 2020

More than 500 Thomas Cook stores across the country will be saved.

Hays Travel will take on all 555 stores, including 13 in Kent , and will employ a large number of former employees of the travel company after it went into liquidation .

Thomas Cook in The Forum, Sittingbourne (17686284)
Thomas Cook in The Forum, Sittingbourne (17686284)

The independent travel agent has already taken on 421 former Thomas Cook personnel and have further offers outstanding to former employees.

David Chapman, Official Receiver, said: "I am pleased to announce we have reached an agreement with Hays Travel to acquire Thomas Cook’s entire UK retail estate, comprising 555 stores across the country.

"This represents an important step in the liquidation process, as we seek to realise the company’s assets."

Hundreds of workers lost their jobs , including at stores in Ashford, Sittingbourne, Gillingham, Hythe, Maidstone, Canterbury, Folkestone, Whitstable, Herne Bay, Dartford, Sheerness, Gravesend, Ramsgate and Tunbridge Wells.

Jim Tucker, Partner at KPMG and Joint Special Manager of Thomas Cook’s Retail division, said: "This is an extremely positive outcome, and we are delighted to have secured this agreement.

"It provides re-employment opportunities for a significant number of former Thomas Cook employees, and secures the future of retail sites up and down the UK high street.

"We are pleased to have achieved this in a short time frame and in the context of a complex liquidation process, which is testament to a lot of hard work from a number of parties.

KMTV reporting on the job losses last month

"Over the weeks ahead, we will work closely with Hays Travel and landlords to ensure a smooth transition of the store estate.

John and Irene Hays, Managing Director and Group Chair of Hays Travel Limited, said: "Thomas Cook was a much-loved brand employing talented people. We look forward to working with many of them."

Reacting to the news, senior market analyst Fiona Cincotta, who works at www.cityindex.co.uk, said: "Someone clearly thinks there's life left in Thomas Cook's travel business.

"But whether this purchase reflects poor decisions on the part of previous management or over-optimism on the part of the buyer remains to be seen.

"The travel sector still faces it's fair share of challenges, both structural and cyclical.

"Brexit uncertainty is continuing to weigh on demand while the rise of online platforms like Airbnb is allowing people to increasingly opt for DIY planning for their holidays.

"Thomas Cook had way too much debt in tow and it's possible that Hays Travel could make a better fist of running things than previous management.

"Shares in competitors TUI and On the Beach are both down in the wake of today's news, indicating the market at least sees some scope for Thomas Cook to be competitive again."

A Maidstone couple's belated honeymoon turned into the military operation from hell with armed guards stationed outside their hotel and tourists told they couldn’t leave the complex after Thomas Cook collapsed.

The situation also left a 24-year-old mum, who has stage four cancer, in limbo after arranging a surprise trip to Disneyland Paris with her daughter.

Six jobless Thomas Cook employees were told to ignore the knocks on the door as they were allowed back into their office to collect their belongings.

Scammers were quick to take advantage of the company's collapse in trying and trick people out of their money.

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