Rob Gill
Thomas Cook has cut 500 jobs as part of a major shake-up of its UK division in a bid to make annual savings of £50 million.
The UK operation has also been split into three divisions - mainstream, independent and retail – which have been created following a “comprehensive review” of the UK business after Cook endured a "tougher than anticipated" last 12 months due to the ash cloud and weak summer sales.
Cook chief executive Manny Fontenla-Novoa said: “Given the challenges experienced in the UK this year, and the uncertain outlook, we undertook a comprehensive review of the UK cost base and the structure of our UK operations towards the financial year end. “
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He said that the restructure would “simplify and streamline” the UK business and make savings of £40-£50 million through cutting 500 managerial and support roles, renegotiating supplier contracts and consolidating its IT systems.
Around 350 employees including 120 senior managers, mostly from Cook's head office in Peterborough, have left the company while another 150 vacant roles have not been filled. None of the job losses have affected agents.
The new retail division will include the merged Cook and Co-operative Travel shops, once the deal is given approval by.....read more on ttglive
