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Thomas Cook Group PLC Add to portfolio

LON250:TCG, Nov 21, 04:24 UTC

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Tuesday, November 19


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Why I think the easyJet share price could gain from the Thomas Cook collapse

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Why I think the easyJet share price could gain from the Thomas Cook collapse. The failure of Thomas Cook earlier this year left a hole on the package holidays business, and it’s one that easyJet (LSE: EZJ) is hoping to fill. And in what sounds like it might be an even more ambitious goal, easyJet says it intends “to become the world’s first major airline to operate net-zero carbon flights by offsetting the carbon emissions from the fuel used on the flights.”. Full-year results were in line with expectations, after revenue to 30 September came in at £6,385m, 8.3% ahead of 2018’s £5,898m. And though headline pre-tax profit dropped 26% from last year’s £578m to £427m, it was in the upper half of the airline’s guidance range of £420m to £430m. These might sound like minor differences, but in the cut-throat world of cut-price airlines, a few pennies saved per seat can make a meaningful difference to bottom line earnings and to the cash available for dividends. And speaking of dividends, this year’s amounts to 43.9p per share, down from the 58.6p paid last year, but close enough to expectations.

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Friday, November 15


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The Collapse of Thomas Cook: BEIS Letter of Recommendations

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Executive remuneration – Recent guidance and reporting requirements have been introduced in both the UK Corporate Governance Code and the Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report) Regulations 2019. However, BEIS noted that the code and guidance alone would not achieve change, and instead, a new and more powerful regulator should be introduced to replace the Financial Reporting Council (“FRC”). Clawback – Enforceable clawback provisions for all future performance bonus arrangements should be included to ensure that in situations where large bonuses are paid and it is subsequently clear that the terms of the award were not met, it is possible to legally claw back the bonus. The recommendations indicate what next steps the Government may take to help prevent a monumental collapse, such as Thomas Cook, from happening again and considerations companies should have when reflecting on the way in which businesses are run. In any event, the letter from BEIS is a clear statement and push to encourage the Government to take urgent steps “in order to mitigate against the worst impact of corporate failures on employees, consumers, suppliers and taxpayers”. If these recommendations are actioned, we can expect to see further changes to corporate governance and increased reporting requirements as well as a new regulatory body replacing the FRC to police these obligations.

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Monday, November 11


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Easyjet and Jet 2 acquire Thomas Cook’s UK slots

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Change Edition. FORUM NEWS CITY PROFILES SUBSCRIBE LOG IN / REGISTER Menu. Low-cost carriers Easyjet and Jet 2 have confirmed the acquisition of UK airport slots made available by the collapse of travel company Thomas Cook. Easyjet has purchased a total of 12 summer slot pairs and eight winter slots at Gatwick, along with six summer slots and one winter slot at Bristol, for a total of £36 million. Meanwhile Jet 2 has acquired all of Thomas Cooks’ slot pairs at Birmingham, Manchester and Stansted for an undisclosed sum.

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Friday, November 08


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EasyJet, Jet2.com Buy Thomas Cook's UK Airport Slots

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Business|EasyJet, Jet2.com Buy Thomas Cook's UK Airport Slots. Thomas Cook's UK business and airline went into immediate insolvency when the company collapsed in September, and a court appointed an official receiver to liquidate its assets. EasyJet bought Thomas Cook's slots at London Gatwick and Bristol airports for 36 million pounds ($46 million), while Jet2.com, owned by Dart Group, bought slots at Manchester, Birmingham and Stansted for an undisclosed price. Last month Hays Travel bought Thomas Cook's network of British travel agent shops, while China's Fosun, which had been the largest shareholder of the group, bought the Thomas Cook brand last week.

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EasyJet Buys Thomas Cook Slots At Gatwick And Bristol

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At the same time, leisure carrier Jet2, the U.K.'s third-largest airline, announced the purchase of Thomas Cook's U.K. slots at Birmingham, London Stansted and Manchester airports for an undisclosed amount. Takeoff and landing slots are highly coveted assets as airlines seek to expand their passenger and cargo networks. When U.K.-based low-cost carrier Monarch Airlines collapsed in 2017, its administrators generated £54 million by selling takeoff and landing slots at Gatwick and London Luton airports to British Airways and Wizz Air. Reports at the time speculated that the Gatwick slots accounted for as much as £50 million of the deal. When it went bust, Monarch was Gatwick's fifth-largest operator, with 18 daily takeoff and landing slots. Virgin Atlantic thus became the first European carrier to monetize its Heathrow slots, although American Airlines did the same in 2012 when the struggling airline was mortgaging ground facilities and equipment in an effort to stay afloat.

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EasyJet buys Thomas Cook's airport slots for £36m

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EasyJet (EZJ.L) has won the race to buy Thomas Cook’s berths at Gatwick and Bristol airports for £36m. EasyJet said on Friday that it had bought 20 slot pairs at Gatwick and seven slot pairs at Bristol airports. It means the budget airline will be able to operate more services out of both airport during peak summer and winter seasons. “Contractual terms have concluded and the slots have been awarded to easyJet,” the airline said in a brief statement.

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UPDATE 1-EasyJet buys Thomas Cook airport slots at Gatwick and Bristol for $46 mln

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UPDATE 1-EasyJet buys Thomas Cook airport slots at Gatwick and Bristol for $46 mln. LONDON, Nov 8 (Reuters) - British budget airline easyJet has bought the take-off and landing slots of failed travel company Thomas Cook at London Gatwick and Bristol airports for 36 million pounds ($46 million), it said on Friday. Thomas Cook's UK business and airline went into immediate insolvency when the company collapsed in September, and a court appointed an official receiver to liquidate its assets. EasyJet acquired 12 of summer slot pairs and 8 winter slot pairs at Gatwick, plus six summer slot pairs and one winter slot pair at Bristol, in the deal.

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EasyJet, Jet2.com buy Thomas Cook's UK airport slots

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(Reuters) - British budget airlines easyJet (EZJ.L) and Jet2.com have bought the take-off and landing slots of failed travel company Thomas Cook at London Gatwick and Manchester airports, respectively. Thomas Cook's UK business and airline went into immediate insolvency when the company collapsed in September, and a court appointed an official receiver to liquidate its assets. EasyJet bought Thomas Cook's slots at London Gatwick and Bristol airports for 36 million pounds, while Jet2.com, owned by Dart Group (DTG.L), bought slots at Manchester, Birmingham and Stansted for an undisclosed price. London Gatwick and Manchester had been Thomas Cook's main UK bases, and the liquidators have now sold all the available slots in Thomas Cook's UK portfolio.

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Jet2.com and easyJet buy Thomas Cook’s landing slots

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EasyJet said it will release more information later this month. “This outcome has been facilitated by the collaborative approach of Thomas Cook’s commercial partners at UK airports and the support of both internal and external slot co-ordinators,” the Official Receiver said. Earlier this month, they sold off the Thomas Cook brand name to Chinese company Fosun for £11 million. Fosun said it still believes in the brand value of Thomas Cook. And in October, Sunderland-based Hays Travel paid £6 million to buy Thomas Cook’s 555 high street stores, promising to keep many of the jobs.

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EasyJet picks up Thomas Cook slots at UK airports

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UK budget carrier EasyJet has picked up several slots at London Gatwick and Bristol airports from the liquidators of collapsed leisure firm Thomas Cook Group. They include 12 summer slot pairs and eight winter slot pairs at London Gatwick. The carrier adds that its Bristol acquisition comprises six summer pairs and one winter pair. EasyJet is to detail its plans for the slots when it discloses its full-year financial results on 19 November.

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