RE: Director5 Dec 2018 07:34
BBC R4 this morning - he really is a negative guy:
Six months ago shares in Thomas Cook were just below 150p now, after two profit warnings, they are worth just 22p.
What's gone wrong?
Stuart Gordon, an analyst at Berenberg, has followed the company closely.
"The fact is that it is a pretty structurally challenged company," he tells the Today Programme.
New players like Airbnb have entered the market and more people are booking their own holidays, and not buying package deals any more, he said.
Thomas Cook's rival TUI, which owns the Thomson brand, is less reliant on package holidays and has a bigger cruise and hotel business.
Mr Gordon thinks Thomas Cook will need "some kind of fund raising" in the near future.