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September 24, 2019

UK’s FRC considering possible investigation into Thomas Cook

By Joe Pickard

The UK’s Financial Reporting Council (FRC) is considering if there is any case for an investigation into the travel group Thomas Cook which went into liquidation earlier this week.

An FRC spokesperson said: “In light of recent developments at Thomas Cook we are considering whether there is any case for investigation and enforcement action as a matter of urgency and in cooperation with the Insolvency Service.”

Following the company’s collapse, the largest peacetime repatriation effort in UK history was launched as 155,000 holidaymakers have been left stranded abroad.

KPMG have been appointed as special managers to the company’s retail division.

A spokesperson for KPMG said: “Blair Nimmo, Jim Tucker and David Pike of KPMG have been appointed by the court as Special Managers to the retail division of Thomas Cook on the 23 September following the appointment of the Official Receiver as liquidator. The retail division comprises of six companies: TCCT Retail Limited, Thomas Cook Retail Limited, Retail Travel Limited, Travel and Financial services limited,  The Freedom Travel Group Limited and Future Travel Limited.

“Simultaneously David Pike, Mike Pink and Ben Leith of KPMG have been appointed Special Managers to Thomas Cook Aircraft Engineering Limited, which is based at Manchester airport. 

“The immediate priority is to provide support and assistance to those employees who have been made redundant.

“Special Managers from KPMG have not been appointed over Thomas Cook’s airline business.”

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