You might have heard about the collapse of Thomas Cook Group plc., mightn’t you? The company is sorry for what’s happened. Why did this happen? What did the company say? Who can help you with the most reliable and cheapest merchant account providers UK? No worries. This article is about all this.
Thomas Cook’s Collapse & Merchant Account Providers UK
Thomas Cook established the company in Market Harborough in 1841. Nearly 178 years later, the firm turned into a huge travel group worldwide. It had £9bn in annual sales, 19 million customers on a yearly basis, and 22.000 employees in 16 countries. Thomas Cook had 9.000 employees in the UK.
According to aviation analyst John Strickland, the problems of this travel giant aren’t something new. The company collapsed after failing to service its debts and after receiving no rescue plan from to survive a situation when customer habits were constantly changing. In addition, the competition from cheaper airlines and internet companies was growing.
Peter Fankhauser, the former chief executive, told he’d done his best for the company and was so sorry for what’d happened. He further noted that the reasons weren’t one-sided. Fankhauser added that he hadn’t got a bonus in 2018. In 2017, his bonus made up £750.000: 2/3 of that money came in cash and the rest in shares.
Hays Travel, a Sunderland-based company, has recently agreed to take over 555 Thomas Cook shops in a deal that could potentially save 2.500 employees.
Are you a travel or any other type of merchant in the UK? Do you need reliable and affordable payment-processing services in the country? This can’t be an issue if you work with a respectable payments expert. A reputable payments-processor comparison company can help you with merchant account providers UK so you get the best deal for your business.
Make sure the comparison company is particular about terms, complaints, and integration and never fails to go through contracts, rates, and fees. This is how you can get the most trustworthy snapshot of providers at the time of writing. Such attitude will help you avoid ending up with hidden fees or getting caught by deceptive sales tactics.
Thomas Cook Boss Feels Sorry About the Collapse
Fankhauser has recently apologized to customers, employees, and suppliers. He noted that more than one party was on the hook for what’d happened. Concerning his salary, Fankhauser said he hadn’t decided on his own pay or on bonuses. The total amount of his salary was 1.02 million pounds ($1.29 million) in 2018: pension and benefits were included.
The former chief executive noted he wasn’t going to take any measures to hand back his base pay. He added that he fully understood what the public felt about all that.
To sum up, travel giant Thomas Cook has ended in collapse. The firm was unable to bring a restructuring plan to its complete form. Peter Fankhauser, the former chief executive of the company, has publicly mentioned he was deeply sorry for the collapse.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and merchant account providers UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie in his backyard porch, as should all right thinking people.