Feeling the heat

Article Abstract:

Thomson Travel, the UK's leading package holiday operator, has faced significant challenges since it came to the stock market in May 1998. It emerged that the flotation had been mishandled, and shortly afterwards the company warned that exceptional charges connected with the closure of a Scandinavian business would be higher than had been anticipated. The company has also been forced to threaten a price war in response to Airtours' 800 million pounds sterling hostile bid for First Choice Holidays in Apr 1999. A negative response from institutional investors has forced it to review this stance.

Comment:

Has encountered many problems in financial management

United Kingdom, Financial management, Management, Company Profile, Thomson Travel Group (North Quincy, Massachusetts)

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Travel giants tighten their grip

Article Abstract:

There has been another wave of consolidation in the UK travel industry, and around 70% of the market is now controlled by only four operators. Thomas Cook's Sunworld holiday business is purchasing Flying Colours, owner of Club 18-30 holidays, while First Choice Holidays is purchasing tour operator Unijet for 110 million pounds sterling and top-of-the-range travel concern Hayes & Jarvis for 24 million pounds sterling. The trend towards consolidation is being fuelled by a number of factors, including the growing popularity of long-haul holidays compared with traditional package holidays.

Mergers, acquisitions and divestments, Travel industry, First Choice Holidays PLC, Thomas Cook Group Ltd., Flying Colours, Unijet, Hayes & Jarvis

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Airtours chief sets sights on FTSE

Article Abstract:

Airtours is having to discount to keep sales up at 2000 levels in the wake of the terrorist attacks in the US, according to Chief Executive Tim Byrne. He acknowledges that there are problems with forward bookings for summer 2002, which are down 60%.

Officials and employees, Interview, Airtours PLC, Byrne, Tim

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