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September 24, 2019

The Landlords Most Exposed To Thomas Cook’s Collapse
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On Monday, it was officially announced that after 178 years in business, travel agency and holiday tour operator Thomas Cook has collapsed into insolvency, dragged down by debts of £1.7B.

The failure has left tens of thousands of travellers unsure of how to get back from holiday, and almost 20,000 staff facing the prospect of losing their jobs. It will also leave property owners facing big losses.

The holiday business has moved online, and it seems hugely anachronistic to think of a tour operator having a high-street presence. But at the time of its collapse, Thomas Cook still had a portfolio of 593 stores. The onerous leases on stores that were no longer profitable were part of the reason for its collapse. All of the stores have been closed immediately.

The Landlords Most Exposed To Thomas Cook’s Collapse

Using data from PropTech firm Datscha, Bisnow analysed a sample of 186 of these stores, owned freehold by investors and leased by Thomas Cook. The data highlighted how big listed property companies, the Church of England and local…

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