Insider Business Thomas Cook collapse impact on Cyprus under control

Thomas Cook collapse impact on Cyprus under control

Four months after the shock of Thomas Cook’s bankruptcy and the impact on Cyprus seems to be less severe than initially feared.

In fact, the hotel industry is more or less back to normal and this year’s season which opens in two  to three months finds hotels already accepting early-bird summer bookings, Phileletheros reports.

This year’s overall picture is different, however, since travel organizers are all trying to lure Thomas Cook’s travellers. That is, tourists who had consistently chosen Cyprus for their holidays.

TUI is currently trying to increase its share to 11% and Jet2holidays appears to be recording a steady upward trend in Cyprus. Easyjet is also trying to get a piece of the pie this year, while online platforms (On the beach, Love holidays) appear to be gaining momentum.

Despite initial fears of a painfall repercussions on the economy and tourism-related businesses, this appears to be under control. Thomas Cook’s vacuum has been filled by other tour operators, and proof is the fact that no request for support or compensation was tabled before the Deputy Ministry of Tourism, informed sources said.

One source also said that everything is back to normal, despite the fact that three months of accrued expenses vanished. Hoteliers took all steps possible to limit losses.

Reports at the time referred to losses of €50 million related to unpaid invoices for the months of July, August and September. The final loss was €30m due to the Scandinavian subsidiary of Thomas Cook paying hoteliers in Protaras and Ayia Napa.

At district level, the bankruptcy impact was stronger on Paphos hotels which were mostly affiliated with the British giant tourist operator.

Thomas Cook was closely associated with five hotels in Cyprus, one in Ayia Napa and four in Paphos. These hotels will continue operating this year without bearing the brand name of the collapsed operator.

Over the years, Thomas Cook had been one of the most important and reliable partner of the Mediterranean island’s tourism industry. Its airlines had linked Britain, Germany and Scandinavia to both Larnaca and Paphos.

By Demetra Landou


Read more:

Top Stories

Covid-19 infections growing exponentially, deaths near 50,000 – WHO

The head of the World Health Organization (WHO) voiced deep concern on Wednesday about "the rapid escalation and global spread" of COVID-19 cases from...

Coronavirus can spread 1 to 3 days before symptoms appear

People infected with the novel coronavirus can transmit the infection one-to-three days before symptoms start to appear, according to a study published by the...

Tommy the robot nurse helps keep Italy doctors safe from coronavirus

He doesn't wear a mask but he is helping save lives from coronavirus just the same. Meet Tommy, the robot nurse. Tommy is one of...

Seven more Covid-19 cases in Turkish-held north

Turkish Cypriot authorities have announced another seven coronavirus cases bringing the total number in northern Cyprus to 77. They said the seven were confirmed from...

One dies, 58 test positive for coronavirus

One more person has died, a man aged 66 years with underlying health conditions, the Health Ministry said on Wednesday, and another 58 people...


Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....