After the collapse of Thomas Cook UK over lack of funds, Thomas Cook India released a notice stating that it is a “completely different entity”. In a public letter issued on Monday, Thomas Cook India said, “With the recent developments relating to the iconic British Travel Company, Thomas Cook PLC, being reported in the media, it is imperative to highlight that Thomas Cook India Group is a completely different entity since August 2012 when it was acquired by Fairfax Financial Holdings (Fairfax), a Canada based multinational with varied interests across the globe as well as in India.” Thomas Cook Group Plc collapsed after it failed to secure a rescue package from its lenders, forcing the British government to hire charter planes to bring thousands of the 178-year-old travel company’s customers back home. The demise of Thomas Cook marks the end of one of Britain’s oldest companies that began in 1841 running local rail excursions before it survived two world wars to pioneer package holidays first in Europe and then further afield. Crippled by its 1.7 billion pounds of debt, Thomas Cook has been hit by online competition, a changing travel market and geopolitical events that can upend its summer season. Last year’s European heatwave also hit the company hard as customers put off last minute bookings. The corporate collapse has the potential to spark chaotic scenes around the world, with holidaymakers stuck in hotels. In the longer term it could also hit the economies of its biggest destinations, such as Spain and Turkey, leave fuel suppliers out of pocket and force the closure of its hundreds of travel agents across British high streets.
