Thomas Cook's creditors to receive share of £280 million pay-out

It is expected payments will be made by the end of September following a five-year investigation into the collapse of the travel giant.

Money was released after the Official Receiver realised assets including Thomas Cook Airlines’ flight slots, hotel investments and the 555 former shops, which were sold to Hays Travel for an undisclosed sum.

Money recovered includes £36 million from the sale of Gatwick and Bristol slots to easyJet. Slots at Stansted, Manchester and Birmingham were sold to Jet2 for an undisclosed sum.

David Chapman, who was appointed as Official Receiver and Liquidator of the Thomas Cook group, said:  

“I understand that a lot of people lost money following the collapse of Thomas Cook. My team has been working hard to finalise the liquidation, maximising funds which can now be distributed to creditors.

“I would encourage creditors to visit the dedicated Thomas Cook Claims Site to check the position regarding their claim as soon as possible, so we can consider whether they should receive any part of the funds being distributed.”

The Thomas Cook group is made up of 57 different companies in liquidation, not all of which will make payments to creditors and the payments made will be at different rates for each company. 

Receivers urged any remaining claimants to come forward by 2 August.

Cook’s collapse in 2019 was precipitated by its £1.1 billion debt mountain accumulated following some unwise investments and purchases. It meant interest payments often outstripped the group’s total income.