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178-year-old company to cease trading immediately

Deborah Knight

Travel company Thomas Cook has collapsed after a last-minute attempt to save them failed.

The collapse of the 178-year-old travel agent will impact 600,000 travellers and tens of thousands of jobs.

The world’s oldest holiday firm has now stranded hundreds and thousands of people all around the world as it ceases trading immediately.

David Buik from Core Spreads tells Deborah Knight, “it all started to go wrong in 2007 when the share price was 320 pence”.

“In January 2014 it had dropped to 186 pence.

“At the end of last year it was down to 36 pence and today it’s zero.”

Mr Buik said the firm had copious profit warnings and reached an “eye-watering” level of debt at 2-billion Pounds in 2011.

“The travel business is paper-thin profits.

“And the world has suddenly woken up to technology… so you don’t need these people,” says Mr Buik.

Click PLAY below to hear the full interview