Laura Sharman 24 September 2019

Thomas Cook collapse could cost councils £12m a year

The collapse of Thomas Cook could see councils lose around £12m a year in business rates, new estimates have suggested.

Colliers International has estimated the impact the closure of 560 stores will have on local government finances.

The collapse of the travel giant has also put 21,000 jobs at risk, with around 1,000 of those based in the company's headquarters in Peterborough.

John Webber, head of rating at Colliers International, said: ‘Thomas Cook’s predicament mirrors other UK high street shops trying to balance a period of economic uncertainty, a reduction in demand and higher costs.

‘The Government surely needs to look at how it can help companies like Thomas Cook - by reforming the business rates system so that struggling companies who employ thousands of jobs as well as contributing millions to the public purse are better able to survive today’s brutal retail climate.’

Cllr John Holdich, leader of Peterborough City Council, said: 'We will be doing all that we can to support the staff members, signposting them to other jobs and places where they can get help and support. I am confident that many of them will have transferable skills and will be an asset to other companies in our city.

'Each year on average we see in the region of 2,500 new jobs created and there are hundreds of new businesses launching every year. As a result, our unemployment rate is below the national average.'

Photo: Roger Utting/Shutterstock.com

SIGN UP
For your free daily news bulletin
Highways jobs

Senior Lawyer (Planning)

Torbay Council
£55,181 - £58,269 / year
Torbay is breath-taking, captivating, and welcoming, occupying a prime position on the south coast of Devon. Torbay, Devon
Recuriter: Torbay Council

Legal Officer

Torbay Council
£28,598 - £31,022 / year
No two days in Torbay are ever the same! Torbay, Devon
Recuriter: Torbay Council

Technician - Highway Inspector

Derbyshire County Council
Grade 8 £29,719 - £31,691 per annum
Within the Highways Maintenance Team we are looking for an enthusiastic, customer focused and experienced person Derbyshire
Recuriter: Derbyshire County Council

Education, Employment and Training Case Worker

Oxfordshire County Council
£34434 - £37280
About the Role This is an exciting opportunity to be a part the of EET service and make a difference to a young person’s ambitions and future learning and employment. As an an EET Case Worker you will work directly with a caseload of NEET (not in educat Bicester Children & Family Centre
Recuriter: Oxfordshire County Council

Highway Design and Construction Manager

Bolton Council
Grade N, scp50 £62,443 to scp53 £65,663 per annum, plus essential car user allowance
We embrace AI to enhance our operations and to innovate our services. Bolton, Greater Manchester
Recuriter: Bolton Council
Linkedin Banner