NEWS
Fankhauser asked MPs for ‘back-up’
Ian Taylor
Former Tomas Cook chief Peter Fankhauser was “confident” the company could be saved until a government official told him ministers would not step in to help. Appearing before a select
vote for high st’ It’s quite clear I
feel the high street has a big future. I couldn’t make a bigger statement than I just have
fairly priced retail locations”. Bat added: “We aim to open more
stores and will be aggressively pursuing high street locations – and some of them will be in the same towns as [former] Tomas Cook shops.” Midcounties Co-operative Travel
is still pursuing 50 Cook shops despite the Hays deal. Hays has paid rents until December 24, aſter which the business has six months to renegotiate leases with landlords. Chief retail officer Alistair Rowland
said expansion by Midcounties would be “more targeted and slower” following the Hays acquisition, but added: “We will watch what happens. Te landlord still has a choice. Many are thinking about it.” A total of 49 ex-Cook shops are
within 100 metres of Hays’ branches and John Hays said the agency would review shop performance
travelweekly.co.uk
“as any business would do”. Other independents which had
hoped to take on some former Cook locations included Tailormade Travel, Miles Morgan Travel, Polka Dot Travel, Millington Travel and Tivoli Travel. Simon Morgan, chief executive of
18-branch Welsh miniple Tailor Made Travel, said: “I was negotiating on four or five leases but [Hays’ deal] has scuppered my plans to a degree. “I’m very pleased people have got
their jobs back and the high street shops are not sat empty, but from my perspective, I’ve missed a great opportunity.” Tivoli Travel director Jo Richards,
whose agency has two shops, had been negotiating for Cook’s former store in Holmfirth, Yorkshire. She said: “I’m waiting to hear from the landlord but Holmfirth has always been on our radar. If we don’t get this
shop, we have other options.” i Interview: John and Irene Hays, page 18
How has Cook’s failure
affected your business? Email:
editorial@travelweekly.co.uk
Peter Fankhauser
commitee of MPs on Tuesday, Fankhauser revealed he met transport secretary Grant Shapps on September 9 “to update him on the [rescue] process” as Cook fought to complete a £1.6 billion rescue deal with its banks and bondholders and Chinese group Fosun. Fankhauser subsequently met
“a high [Department for Transport] official and the UK Government Investments unit” on September 16 and 17, he told MPs, saying: “We discussed with them, if all else fails, could we have a back-up. “Tey asked for a formal
proposal, which we gave on September 17. I got the feeling the official was positive, saying ‘We’ll try’.” He said: “We needed something strong because the business was on its knees. We got feedback it was under consideration. We were prety confident.” But he said the message he
received from the government on
Sunday, September 22, was that: “Tey did not want to create a precedent.” Asked if he spoke to any
ministers aſter September 9, Fankhauser said: “No. We had the feedback that it was on the table of ministers and Number 10. We would have liked backing. It didn’t happen.” He added: “Troughout
the process I had talks with the ministers of tourism in Spain, Bulgaria, Turkey and Greece.” Former Cook chairman Frank
Meysman added: “We were told other governments were trying to reach the UK government.” Asked whether it would have
been in taxpayer’s interests for ministers to secure Cook’s future, Meysman said: “I can only say we saw other governments make a different decision.” Fankhauser told the
commitee: “I’m deeply sorry for the failure and the distress.” Asked if Hays Travel could
make a success of Cook’s shops, he said: “I wish they can. It was one of the brighter days last week when we had the news about Hays. If Hays can renegotiate the leases, it can for sure be successful.”
17 OCTOBER 2019
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