The former Thomas Cook shop estate has returned to profit this year for the first time since being acquired by Hays Travel.
Hays Travel bought Cook’s retail estate following the company’s collapse in September 2019. It took on all 555 shops but a number have been closedsince, including 89 last year due to the pandemic.
Chief operating office Jonathon Woodall-Johnston said the shops had moved into a profitable position in January this year, adding it had taken slightly longer as a result of Covid.
Speaking at the Hays Travel lndependence Group 2022 conference, he said: “Our objective was to turn Thomas Cook around in 24 months. We didn’t achieve it in 24 months, we did it in 27 months. It’s a fantastic achievement.”
He added the shops had remained in profit for February and so far for March.
He said there was still work to be done to fully integrate the former Cook shops but said staff had now “got the Hays culture”.
Woodall-Johnston told delegates said the Hays company as a whole had come out of the pandemic “stronger” despite taking a “big hit”.
He added there were currently no plans to use a loan facility Hays had arranged with Barclays Bank in 2021 as a contingency plan to survive Covid.
He said: “We have not used any of that loan and we don’t intend to. The likelihood is that we will not use it at all. In the 42 years of the business we have had zero debt. We have got a stable balance sheet.”
The group has also enjoyed a big increase in the number of new customers using its retail network in comparison with pre-pandemic, he said.
In 2019, 19% of customers were new to Hays Travel but this has risen to 54% of clients between May 1 last year and this month.
Woodall-Johnston said he saw the acquisition of new customers as one of Hays’ biggest success stories of the pandemic.
FAQs
Humble beginnings to high-street heroes
In 2019, John and Irene Hays became 'Heroes of the high street' when Hays Travel acquired a lease to operate the former Thomas Cook shops, providing re-employment opportunities to 2,500 staff who were made redundant following the collapse.
Who bought out Thomas Cook? ›
After Thomas Cook's collapse in 2019, it was acquired by China's Fosun for £11 million and relaunched as an online travel agent.
What has happened to Hays Travel? ›
Another year later in 2020; Hays Travel took over all 20 Tailor Made Travel shops as well as retaining around 100 employees. Today, Hays Travel has huge buying power and invests heavily in state-of-the-art technology.
Who did Hays Travel buy? ›
On 9 October 2019, Hays Travel announced that it had purchased all stores from the travel agency Thomas Cook Group, another large travel group headquartered in the UK, which were assumed to be closed due to the business entering liquidation during previous months.
What is the turnover of Thomas Cook? ›
In financial year 2023, the revenue of Thomas Cook (India) Limited, one of the leading tour operators across the country amounted to around nearly 15 billion Indian rupees.
What airline does Hays Travel use? ›
Delta Air Lines, Air France, KLM. Together, Delta Air Lines, Air France and KLM offer an unsurpassed global network with services to more than 350 destinations in nearly 70 countries on six continents.
Is Thomas Cook being discontinued? ›
It has been confirmed overnight that Thomas Cook and all companies in its group have officially ceased trading, meaning flights and holidays booked with these travel agents are cancelled. If you or someone you know is affected by this, read on for more information about your next available steps...
What year did Thomas Cook shut down? ›
What is Thomas Cook's equivalent to? ›
Thomas Cook's competitors and similar companies include Sabre, ZUZU Hospitality Solutions, Europe Incoming and Tripplanners. Thomas Cook provides leisure travel services. Sabre is a software and technology company that provides solutions for travel and tourism industry.
Is Hays Travel in debt? ›
Hays said it had no bank debt and had cancelled a £10 million Covid loan facility “as not required”.
A year later, in 2014; Hays took on its first franchise in the north-west of England, a 14-branch travel agency formerly known as Just Go.
How much is Hays Travel worth? ›
Key Financials
| Accounts | 2019 | 2023 |
|---|
| Cash | £120,713,000.00 | £349,855,000.00 |
| Net Worth | £46,138,000.00 | £68,697,000.00 |
| Total Current Assets | £170,004,000.00 | £402,903,000.00 |
| Total Current Liabilities | £141,834,000.00 | £354,437,000.00 |
Similarly, Hays Travel Limited also reported a net profit of over 40 million British pounds in the 2023 fiscal year.
Who is the wife of Hays Travel owners? ›
Personal life. John Hays married Irene Lucas in 1997. She has chaired the company since his death. The couple had two children.
Why choose Hays Travel? ›
We stand out as a premier travel agency dedicated to crafting unforgettable experiences tailored to your desires. Our commitment to exceptional customer service, extensive industry expertise, and a vast network of partnerships ensures that every adventure you embark on with us is seamless and extraordinary.
Who is part of Thomas Cook? ›
It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied TPro, Australian Tours Management, Desert Adventures, Luxe Asia, Travel Circle International Limited (TCI 勝景遊), Sterling Holiday Resorts Limited, Distant Frontiers, TC Tours, Digiphoto Entertainment Imaging (DEI), Go ...
What happened with Thomas Cook? ›
Thomas Cook, the oldest UK travel company, collapsed this week. The 178-year old company, soaked in British heritage, went into liquidation after talks of a government funded bailout failed. The repatriation of 150,000 British citizens is well covered in the media. But, why did Thomas Cook collapse?
What other companies are Thomas Cook involved in? ›
The majority of hotels were located in Europe, primarily in countries within the European Union. Brands included Casa Cook, Sentido, Sunprime, Cook's Club, Aldiana, Sunwing, SunConnect, and Smartline.
