Rolling coverage of the latest business and economic news, as MPs ask the former CEO of Thomas Cook why the firm went into liquidation last month
- Introduction: Thomas Cook inquiry begins today
- Former CEO Peter Fankhauser faces MPs at 9am
- Can bonuses be clawed back?
- Woodford flagship fund to be wound up
Antoinette Sandbach MP turns to Thomas Cook’s accounts. She points out that Thomas Cook’s last full accounts included £2.5bn of goodwill.
That was based on strong earnings growth (28% per year, for three years) .
Q: Why were the debts so high?
Peter Fankhauser says Thomas Cook’s debts were high when he joined in 2014, so he tried to bring them down.