I think the slogan for Thomas Cook used to be:
“Don’t just book it, Thomas Cook it.”
Which makes little to no sense, but is at least memorable.
If you’ve found a holiday through them and you’re considering booking, you might want to think again as they seem to think they’re a high street bank.
Apart from the odd insurance/finance firm in 2008/2009 – I don’t think I know of many companies who have asked to be bailed out by the government, but that’s exactly what travel company Thomas Cook are doing.
Apparently they’re on the brink of bankruptcy and need £200m to avoid it, even though they have annual revenues of £9bn.
It probably has something to do with them underestimating the amount of refinancing they needed back in July (they thought it was £150m, in fact it’s £900m plus this extra £200m).
And it likely also has something to do with posting a £1.5bn loss for the first half of this current financial year.
What amused me was the list of excuses (outside of anything to do with not being able to calculate refinancing):
1. Political unrest in locations such as Turkey – I know of a handful of people who have been there this year so I don’t believe this.
2. Last summer’s prolonged heatwave – yes because the sun is a brand-new thing.
3. Customer’s delaying booking holidays because of Brexit – Brexit Shmexit.
I’m not a fan of excuses, if you can come up with one for something you will come up with an unlimited amount to explain away anything and everything bad in your life.
Over the years I’ve made some good and bad investment decisions, but at no point would you find me complaining about any of them.
The good ones I’ve learnt a bit from, the bad ones I’ve learnt a lot from – which I then use to make better decisions going forward.
If Thomas Cook learnt about the impact of political unrest on their business, why didn’t they operate more tours to say Portugal (fourth in the Global Peace Index).
If there was a prolonged heatwave last summer, why haven’t they done really well in 2019 where we had a pretty naff summer in the UK?
If Brexit is a concern, could they have found a way to offer staycations?
None of which has much to do with the current promotion of my Utterly Unregulated Investment Ideas product which is still on offer at £150 off for a few more days (use UUII150 at the checkout).
At which time I will switch off the discount code and you won’t receive my eight-part video series teaching you ways to Create Your Own Bank.
No excuses if you don’t act quickly and have some random (or are they?) events derailing your personal finances without a plan B for bringing in extra streams of income.
Don’t just look at it…
All the best,
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