Thomas Cook collapse after 178 years, why?
A portrait of Thomas Cook, circa 1850, and early tickets Composite: Getty Images/Alamy
Thomas Cook’s collapse is not because the British have stopped taking holidays. Far from it: 60% of the population took a holiday abroad in 2018, up from 57% the year before. It is how we are taking holidays that has changed, with the number of city breaks now significantly outstripping beach holidays.
The beneficiaries are Ryanair, easyJet and Airbnb, with all of their customers booking online. The losers are package holiday companies shackled to expensive high street chains. Thomas Cook owns about 560 high street outlets.
Mon 23 Sep 2019 06.00