Ipswich: Fred. Olsen Cruise Lines ends sales link with Thomas Cook
FRED. Olsen Cruise Lines has ended its links with troubled travel giant Thomas Cook after an insurer withdrew cover for money paid by customers booking through the company.
Debt-laden Thomas Cook has issued a series of profits warnings in recent months and has been forced to seek talks with its banks over a refinancing deal.
Earlier this month, insurance Euler Hermes wrote to a number of Thomas Cook suppliers giving 30 days’ notice of its intention to cease providing cover for new bookings taken by the company.
Fred. Olsen Cruise Lines, which is based in White House Road, Ipswich, and operates the Balmoral, Boudicca, Black Watch and Braemar cruise ships, confirmed today had now ended its trading relationship with Thomas Cook.
In a statement, Fred. Olsen said that, following the removal of Thomas Cook’s credit insurance, it had not been able to reach a new agreement on payment terms and it was its policy was not to trade with any agent where its “pipeline monies” (payments collected by an agent from the customer on its behalf) were not financially protected.
Thomas Cook confirmed that it was no longing making any new bookinigs for Fred. Olsen cruises but added: Of course customers who have already booked with us to travel on a Fred Olsen cruise can be reassured that their holiday will continue as booked.”