Thomas Cook drops out of Foot­sie 100

The Peterborough Evening Telegraph - - Uk&world Update - By JOHN KRALEVICH

A GLOW­ING per­for­mance by a lead­ing Peter­bor­ough em­ployer has been dulled af­ter it was dumped out of the league of the UK’s top per­form­ing busi­nesses.

Award-win­ning travel gi­ant Thomas Cook, which em­ploys around 2,000 peo­ple at its head of­fice in Con­ingsby Road, Bret­ton, Peter­bor­ough, has been pushed out of the elite firms in the London FTSE 100 In­dex.

The lat­est reshuf­fle of the Foot­sie was an­nounced on Wed­nes­day and will see the flag­ship com­pany of­fi­cially rel­e­gated from the FTSE 100 into the FTSE 250 on June 18.

It comes af­ter Thomas Cook’s share price took a bat­ter­ing and has fallen from 272p to about 192p over the past cou­ple of months.

The firm has come un­der pres­sure be­cause of the dual im­pact of the eco­nomic re­ces­sion and the dis­rup­tion caused by the vol­canic ash cloud cri­sis.

It is es­ti­mated that the ash cloud cri­sis alone has cost Thomas Cook £70 mil­lion.

Com­pany bosses have shrugged off the news, say­ing that the busi­ness is con­tin­u­ing to per­form “well” fol­low­ing its fi­nan­cial re­struc­tur­ing.

Chief ex­ec­u­tive Manny Fon­tenlaNovoa said: “Our flex­i­ble busi­ness model and the im­por­tance of the hol­i­day to the con­sumer stands us in good stead.

“We are pleased with the devel­op­ment of our sum­mer book­ings pro­gramme, par­tic­u­larly given the dis­rup­tion caused by the vol­canic ash cloud.”

The down­turn may have taken some of the gloss off the com­pany which was a mul­ti­ple win­ner at last year’s Bri­tish Travel Awards and merged with MyTravel in 2007 to be­come one of the world’s lead­ing leisure travel groups.

John Bridge, chief ex­ec­u­tive of Peter­bor­ough Cham­ber of Com­merce, said: “Thomas Cook is still a sub­stan­tial lo­cal busi­ness and will con­tinue to be a ma­jor em­ployer. It is an in­te­gral part of Peter­bor­ough.”

drop: Manny Fon­tenla-Novoa.

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