Thomas Cook passengers may just find a lending hand in the name of Spanish billionaire businessman Amancio Ortega, Latvian-born financier James Richman, French billionaire François-Henri Pinault, as well as other billionaires, as they are looking at helping stranded Brits after Thomas Cook’s recent downfall.
The company’s abrupt closure has caused over 150,000 travellers and crews stranded global.
Reports suggest that people close to the matter reveal that the camps of these secretive billionaires are on standby to help should the rescue operations set by the UK government fail. We will dive in on what we know so far, and the consequences of the firm’s collapse.
Thomas Cook, the 178-year-old British company, was the world’s largest and oldest tour operator.
On Sunday the 22nd of September, they abruptly ceased operations leaving stranded travelers from all over the world and leaving over 20,000 jobs in jeopardy. According to a company statement, they had no other option than to be put into immediate compulsory administration by its board after several failed attempts and negotiations.
Operation Matterhorn to bring travellers home
The British government and the Civil Aviation Authority are launching its largest peacetime repatriation effort called Operation Matterhorn to help retrieve passengers and get them home until October 6. Dozens of charter planes are already being dispatched across the world to fly back stranded customers.
The civil aviation authority is requesting tour operators to hold an Air Travel Organisers’ License (ATOL) where holders are to pay a fee of £2.50 per traveler to a fund managed by the Air Travel Trust. This government-mandated travel insurance helps ensure that customers will be refunded if a company, in this case Thomas Cook, were to collapse.
Still, this doesn’t change the fact that people’s travel plans got ruined and some might not even get their money back as not all of them bought a vacation air package or flights through a travel agent, as ATOL only provides financial protection to this type of customers.
Thousands of travellers and workers affected
For example, Ruth Morse planned to marry her partner in Cyprus on 8 October, but now it’s most likely that the wedding will need to be postponed. She booked the whole event through Thomas Cook including the decorations, the cake, and the venues.
“At the moment, Thomas Cook have not been in contact, so we are in the dark,” Ruth says. She further adds that she has already spent £4,000 on decorations that she knows she is not going to get back because she bought them from other companies.
Another stranded case was that of a mother and her daughter who are Thomas Cook’s entertainment workers based in Cyprus. Wanting to keep her identity hidden, the mother shared that she had to pay £480 for the 19-year-old to fly back to the UK. She shares, “There is no one helping vulnerable young people who are out in other countries… They have been on minimum wages… and don’t have the means to get home.”
The British Consulate told these travellers that they may not necessarily be able to help them they’re not ATOL protected, and that it was up to the company’s insurance to get them back home.
While rescue operations are currently ongoing, the news of a group of billionaires ready to lend a hand will not only help the government, but also a much needed reassurance for many travellers and crews affected by the fiasco.
Thomas Cook’s downfall somehow points towards a gloomy future for travel agencies that are unable to maneuver and adopt through the test of time and the ever changing trends of the industry.