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On the Beach now worth more than Thomas Cook
On the Beach is now worth more than Thomas Cook despite only being launched in 2004.
The relative newcomer, which is listed on the AIM stock market, is now worth £180 million more than 176-year-old Thomas Cook, according to the financial press.
Thomas Cook’s stock fell another 21.5% yesterday to a six-year low of 23.64p amid fears about its financial state.
The concerns have slashed its value from £2.2 billion in May to just £364 million, less than its debt.
Last week, Thomas Cook announced a £163 million loss after tax for the 12 months to the end of September, describing it as ‘a disappointing year’.
It blamed this summer’s heat wave for its poor performance.
As a result of the loss, its net debt has rocketed from £40 million last year to £389 million.
Barclays analysts have suggested Thomas Cook sells its airline and using the proceeds to pay down debts.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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