Unable to adapt to the move online as smaller, nimbler travel companies thrive, Thomas Cook, the household name in international travel, is close to financial collapse. And the collapse could leave up to 150,000 British tourists stranded overseas.

The iconic British travel giant Thomas Cook say they’ve failed to find any further private investment to stave off collapse and now relies on an unlikely government bailout. The group is blaming “Brexit uncertainty” as the major problem with their current malaise.

The operator announced they needed £200 million (US$250 million) – in addition to the £900-million rescue deal secured last month – or else face administration, which could potentially trigger Britain’s largest repatriation since World War II – customers who are currently overseas.

A source close to the negotiations told AFP the company had failed to find the £200 million from private investors and would collapse unless the government intervened. Without another bailout by its Chinese major shareholder Fosun, the brand’s financial options are few.

But ministers are unlikely to step in due to worries about the pioneering operator’s longer-term viability leaving it teetering on the brink of collapse and stranding up to 150,000 British holidaymakers abroad.

“We will know by tomorrow if agreement is reached,” the source told AFP. The firm’s shareholders and creditors are scheduled to meet from 9 am (0800 GMT) on Sunday morning, followed by a meeting of the board of directors in the afternoon.

The Transport Salaried Staffs Association, which represents workers at the company, called on the government to rescue the firm.

“It is incumbent upon the government to act if required and save this iconic cornerstone of the British high street and the thousands of jobs that go with it,” said TSSA General Secretary, Manuel Cortes.

“The company must be rescued no matter what.”

Two years ago, the collapse of Monarch Airlines prompted the British government to take emergency action to return 110,000 stranded passengers, costing taxpayers some £60 million on hiring planes.

The government at the time described it as Britain’s “biggest-ever peacetime repatriation”.

Thousands of workers could also lose their jobs, with the 178 year old company employing about 22,000 staff worldwide, including 9,000 in Britain.

Chinese peer Fosun, which was already the biggest shareholder in Thomas Cook, agreed last month to inject £450 million into the business. In return, the Hong Kong-listed conglomerate acquired a 75% stake in Thomas Cook’s tour operating division and 25% of its airline unit.

Creditors and banks agreed to inject another £450 million under the recapitalisation plan announced in August, converting their debt in exchange for a 75% stake in the airline and 25 percent of the tour operating unit.

Thomas Cook in May revealed that first-half losses widened on a major write-down, caused in part by Brexit uncertainty that delayed summer holiday bookings. The group, which has around 600 stores across the UK, has also come under pressure from fierce online competition.

SOURCE: Agence France-Presse

by Bill Barnett c9hotelworks.com

Vietnam Airlines will commence direct flights between Ho Chi Minh City (Saigon) and Phuket on October 27.

Flights will operate three days a week, on Tuesday, Friday and Sunday. The airline is also launching direct Ho Chi Minh City to Denpasar (Bali) service.

Vietjet Air, the popular new low-coast airline out of Vietnam, is currently servicing the increasingly popular route.

PHOTOS: XO Tours

Find yourself in Saigon and looking to learn more about the local street food scene? Well, if your sense of adventure is in intact and you prefer to receive your knowledge first hand, then XO Tours can provide you with a fascinating and insightful trip through the streets of Saigon.

Sitting on the back of a moped and driven by charming ladies dressed in the traditional Ao Dai outfits, this is truly a unique perspective in which to experience the Saigon food scene. The ladies look splendid when wearing the Vietnamese national garment which is a tight-fitting silk tunic worn over trousers, the sight is quite something to behold as a legion of elegantly dressed women ferry their hungry tour guests throughout the city, descending on each local food stop and enjoying whatever is offered up.

Itʼs worth mentioning that these professional and licensed tour guides are also well trained and have a high level of competence in regards to driving, if anything, their cautious nature of females is your ally in regards to taking on the Saigon traffic.

Saigon is a vibrant and exciting city, replete with charming parks, wide boulevards and glorious tree- lined avenues and streets. It’s a destination that invites exploration, which is what makes this tour a fitting approach. The open air nature of a bike tour allows you the freedom to really feel the city, to partake of its smells, its sounds and to really feel its energy. If you are truly looking to know Saigon, this could be one of the better ways to understand its nuances.

XO stands for Xe Om, which are motorbike taxis in Vietnam. The concept was bought about by Mr Tung who is a native to the area but moved back from USA, XO Tours was the first motorbike tour company in Vietnam to hire female tour guides, and very much pioneered the concept, even though there are many copies of the format to this day.

The whole tour is really quite comprehensive, with careful attention given by the hosts to your needs as well as accurate descriptions of the food and their backstories. As you buzz through the many districts you will notice how each area carries a certain style and approach to their food, a localisation of the food contained within the environs that make up this fabulous city. Neither is there is any chance of going hungry on this tour, indeed we suggest that you do arrive famished, so you have an opportunity to experience all the gastronomic grandeur of the entirety of this tour.

XO Tours take guests practically through all the districts, and they have security backing things up, so there is never any need for concern, and you can feel assured of your safety during the entire time. The tour lasts for a good four and a half hours, but when you do arrive at the end, it will feel as barely any time as passed at all.

The food and drinks is virtually unlimited, with the time on the bikes between the food stops a great opportunity to take “digestion breaks”. The tour is conducted at night, when most of the street food is available.

The writer travelled as guests of XO Tours To learn more, visit xotours.vn

WRITER: Shannon Green