vows to resolve payment issues with Turkish hoteliers vows to resolve payment issues with Turkish hoteliers

Thomas Cook-owned bed bank has pledged to resolve payment issues with Turkish hoteliers after allegations some had not yet received monies owed at the end of 2011.

The accommodation-only company has admitted there have been delays in payments after a statement by the Bodrum Professional Hotel Managers Association (BOYD) appeared on a Turkish website. It claimed hotels in the Aegean region had not been told when to expect payment and no reasons were given for delays.

A spokesman from parent company Thomas Cook said: “This is being resolved in the next couple of weeks.” 

Following a refinancing last November when it sought £200 million in additional loans from its banks Cook's share price has fallen to around 15p leaving it with debts considerably higher than its market value.

No details have been revealed on how many hoteliers are affected or the amount of money owed. However, reports had not paid hotels in relation to early booking offers for 2012 were untrue, the spokesman said.

At the end of last year, parent Thomas Cook set out a turnaround plan for the UK business, including focusing on fewer and better quality hotels, the closure of 200 underperforming travel agency branches and a drive for more online bookings.


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