22nd Oct 2019 08:56
(Alliance News) - On the Beach Group PLC on Tuesday said the collapse of bigger rival Thomas Cook has created an "unprecedented opportunity" for the company and, as a result, the company has increased marketing investment.
The online retailer for beach holidays also said it remains well position across all fronts and current trading has remained in line with revised expectations for the year ended September 30.
"I would like to thank all teams across the business for their exceptional response following the compulsory liquidation of Thomas Cook in ensuring that customers were either re-booked or refunded in the shortest possible time whilst maintaining our high-quality customer experience standards," said On the Beach Chief Executive Simon Cooper.
"On the Beach has an exciting opportunity to significantly increase its market share over the short to medium term by leveraging its strong brand and core capabilities."
In late September, heavily-indebted Thomas Cook entered compulsory liquidation after failing to seal last-minute GBP200 million funding it required.
The liquidators for Thomas Cook are currently in the process of auctioning the its UK airport slots to other airlines. Thomas Cook's 555 strong retail store chain was bought by Hays Travel Ltd earlier in October.
On the Beach shares were up 1.4% at 443.03 pence each in London on Tuesday morning. The company is slated to release its financial 2019 results on November 27.
By Tapan Panchal; [email protected]
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