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Cook seeks extra £400m cash as winter back-up


Amie Keeley amie.keeley@travelweekly.co.uk


Thomas Cook is in talks with banks to borrow up to £400 million as a cash buffer to see it through next winter.


The borrowing would come on


top of existing debt facilities of £875 million. The company stressed the new funds were not needed to see it through the summer and said its “liquidity position continues to strengthen”. In a statement, Cook said: “Looking ahead to winter 2019-20, we have taken the proactive step of engaging in discussions with our lending banks now to ensure we have both the financial flexibility necessary to maintain an appropriate liquidity buffer through the winter, and also the ability to continue to invest in our strategy of growth.” The price of Cook’s bonds


fell sharply last Thursday amid speculation it could not repay its


debts, while shares fell by 15%. Thomas Cook Group will report


its half-year results on May 16. This week, Lufthansa said


it would bid for Thomas Cook Group’s German airline, Condor. The non-binding offer would include an option to acquire all Thomas Cook airlines for sale. But Lufthansa chief executive


Carsten Spohr said it was unlikely a single buyer could acquire all Thomas Cook’s airlines due to anti-trust regulations. A deadline of May 7 was


reportedly set by Cook for expressions of interest in its airline business, which it put up for sale in February following two profit warnings last year. Reports last month suggested Cook’s airline review had triggered interest from possible bidders for


part or all of Thomas Cook. Who might buy Thomas Cook? We speak to a City analyst about potential bidders on the latest Travel Weekly podcast. Listen and download on Apple Podcasts or SoundCloud: bit.ly/TWpodcasts


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STORIES HOT


The tattoo on Jake Fletcher’s thigh


Jake’s all smiles about his tatt-Tui


Benjamin Coren


benjamin.coren@ travelweekly.co.uk


A Tui agent has taken company loyalty to a new level after he got a tattoo o the firs logo on his leg.


Jake Fletcher, who works at Tui’s


Hinckley branch in Leicestershire, sports the travel giant’s iconic logo on his upper thigh, coupled with the tagline ‘Discover your smile’. Fletcher decided to have


the tattoo while working as an overseas rep for Tui in the Balearics and Canaries in 2017, as Thomson was undergoing the rebrand to Tui. It measures about 10cm in width and 8cm in height. He said: “I was sober at the time


and it was just after we were given our placements. After my first season in Menorca, my friend and I wanted placements in Tenerife. When we got what we wanted we decided to celebrate. “We were in such good spirits,


Cook insists its


‘liquidity position is strengthening’


so we went and got the Tui smile tattooed on us. It’s on the very top of my leg. I don’t regret it at all.” He added: “Funnily enough, my friend who also got one, now


“I was sober at the time. It’s on the very top of my leg. I don’t regret it at all”


works for [rival] Thomas Cook.” Jake’s passion for the brand


has stayed with him throughout his travel career, even coming up when he was interviewed to start working in retail as an agent. He said: “I said I was so passionate about the company that I had a tattoo on my leg.” He stressed the tattoo did not


land him the job, but rather his skillset and professionalism, adding: “It’s a good talking point”. Tui’s retail staff are allowed visible tattoos as long as they are not offensive. A spokeswoman said: “We think it’s great that a member of our retail team has decided to get a tatt-Tui! They should absolutely wear their Tui smile with pride.” Jake, who is shortlisted in the


Young Agent of the Year category in Travel Weekly’s Agent Achievement


Awards (pages 15- 17) has two other tattoos, including a pizza on his foot to mark his former job at Domino’s Pizza.


9 May 2019travelweekly.co.uk5


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