The British travel company Thomas Cook which is among the oldest and biggest travel companies worldwide, collapsed and caused trouble to some 600,000 tourists on all parts of the globe. The tourists are not the only ones affected by the recent bankruptcy of the British travel company. Hotel keepers who were until recently welcoming guests sent by this tour operator are also among the affected. Bulgarian hotels will also feel the consequences of this bankruptcy, because between 350,000 and 450,000 tourists used to come to Bulgaria on holiday each year using the services of the British company and its German subsidiary. Thomas Cook airlines were making over 50% of the charter flights to the Varna and Burgas airports. Under these circumstances, the Bulgarian companies are not likely to get the money owed for the accommodation of the foreign guests. This is a “real tsunami” for Bulgaria’s tourism, the Director of the Institute for Analysis and Assessment in Tourism Rumen Draganov told the Bulgarian National Radio. In his view, the losses of the Bulgarian tourism sector will amount to nearly EUR 50 million. The Chairman of the Sunny Beach Hotel Owners’ Union Plamen Kopchev assumed that some Bulgarian hotels may go bankrupt as a result of the collapse of the British travel company, because in his words, no one knows when and whether the huge amounts of money will ever be paid. Currently, there are 5,940 tourists in Bulgaria who arrived with the bankrupt Thomas Cook company, Bulgaria’s Minister of Tourism Nikolina Angelkova announced. These tourists are now being sent to their countries with other travel companies.

The 2019 summer tourist season was not among this country’s best tourist seasons. The number of foreign tourists visiting Bulgaria fell between 3% and 6% and the decline is to some extent compensated by the 15% increase in the number of Bulgarian tourists, data of the Bulgarian Ministry of Tourism show. However, now the sector will have to swallow the bitter pill of the unpaid invoices and deal with serious financial problems. Thomas Cook does not have a Bulgarian subsidiary and used the services of the Bulgarian travel agency Astral Holidays. The company contacted directly with some of the hotels, which will make the payment of the due amounts even more difficult. Thomas Cook usually pays within 60 days after the tourist leaves the hotel. Since the fiscal year of the company ends in September, payments are usually made on October 1, hotel keeper Rostislava Dimitrova told Dnevnik web site.

Her hotel has been working since its establishment with Neckermann and later with Thomas Cook, which acquired Neckermann. Currently, the bankrupt British travel company owes EUR 1. 5 million and 209 tourists sent by the British tour operator are still in the hotel. Rostislava Dimitrova was assured by Thomas Cook that she will receive payments in October. The Executive Director of the National Tourism Board Polina Karastoyanova called on all travel companies affected by the recent crisis to look for assistance from the National Tourism Board.

Along with the direct damage caused on Bulgaria’s tourism, it is quite likely that the future travels organized by the British travel company until the end of the tourist season will not be made. Thomas Cook had scheduled flights until October 8. Apparently, the contracts for the 2020 tourist season will not be fulfilled either.

Bulgaria’s Minister of Tourism Nikolina Angelkova was among the first people who reacted to the news about the bankruptcy of the British travel company. On Monday Minister Angelkova said that the state authorities will support the Bulgarian tourism sector and will do their best to defend its financial interests. On Tuesday an emergency meeting with the participation of all travel companies and hotel keepers working with Thomas Cook, the British Embassy in Bulgaria, the Commission for the Protection of Competition and all interested parties was held. The Bulgarian business will lose millions of Euros, minister Angelkova admitted and voiced concern that the bankruptcy of Thomas Cook will have negative effect on the 2020 tourist season.

English version: Kostadin Atanasov