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'These businesses could – and should – have been saved'

Meanwhile, David Elstob, a director of Future Travel and a co-founder of Freedom, has written an impassioned letter to Future and Freedom members, via TTG.

 

"I am absolutely devastated by the compulsory liquidation of our two successful businesses as a result of the collapse of Thomas Cook.

 

"Both Future Travel and Freedom Travel Group were profitable companies and had been so for 22 years. We were on target to make significant profits again this year.

 

"The circumstances surrounding our collapse were taken completely out of our hands on Sunday night (22 September).

 

"Obviously, we were all aware of the financial pressures on Cook, but as a profitable subsidiary we were of the opinion that, if the worst were to happen (and we didn’t think it would), Future and Freedom could be put into administration and continue to trade and be sold off as a valuable asset.

 

"But at an emergency board meeting late on Sunday night, we were advised that would not be possible because there were a number of very substantial cross guarantees lodged against Future and Freedom by Cook.

 

"We were totally unaware of those guarantees and, even now, have failed to obtain any details.

 

"As such, we were advised both businesses would be compulsory liquidated with immediate effect. Within hours of arriving for work on Monday morning (23 September), all staff and management were made redundant.

 

"These two excellent, profitable businesses, with some exceptional management and staff could – and should – have been saved.

 

"Thank you for all you have done for the companies over the years."

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