Algarve Operator Thomas Cook Shares collapse on Bank Talks

Shares in leading Algarve Holiday Operator Thomas Cook Group fell by more than 50% in trading today following news that it was again in talks with it’s banks for funding to see it through the tough Christmas period.

Thomas Cook Group operate many leading holiday brands in the UK. The largest of which is Thomas Cook Holidays who are one of the biggest Algarve Holiday Operators.

Thomas Cook Group shares fell to under 15p each today after being as high as 200p less than a year ago.

If you have booked your Algarve Holiday with Thomas Cook you can rest assured that you are protected by ATOL and it does seem unlikely that the company would be allowed to fail in the short term.

The UK press reported: “Thomas Cook is running low on cash and has begun talks with its banks, in an effort to increase its borrowings to tide it over the slow Christmas season.” It added, “Shares in the tour operator fell by more than three quarters on Tuesday morning after it admitted that trading has ‘deteriorated’ in recent months. It is now seeking to borrow more in the short term.”

A Thomas Cook spokesperson said “discussions with banks were merely a prudent and pro-active move and the company still had cash in the bank”

Thomas Cook remain a major Algarve holiday operator and booking with them is more than likely to be trouble free. However, if you are concerned, then it may be a sensible option to book your Algarve holiday with Thomson Holidays or First Choice Holidays who are both part of the financially stronger TUI Group.

Both Thomson and First Choice have fantastic reputations and offer a range of Algarve Holidays to suit all budgets.

Thomson also have a super range of Premium Algarve Holidays that can be booked using the Thomson Luxury Holidays part of their website.

Thomson’s sister company, First Choice Holidays now specialise in All-Inclusive Algarve Holidays.

It’s certainly a tough time for all Algarve travel operators but don’t let it put you off coming to lovely Algarve. Both First Choice Holidays and Thomson Holidays offer a safe and secure way to book a fabulous Algarve holiday.

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