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Is Thomas Cook a one-off?

BBC Radio 4

Thomas Cook shop
PA

First Monarch, now Thomas Cook. But these are just two of the higher profile failures in the airline travel industry. In fact, the UK's Civil Aviation Authority deals with "about 15 or 20 companies that go into liquidation every year," the regulator's chairwoman, Dame Deidre Hutton, told Today.

So is the CAA watching nervously any other travel firms in difficulty? "There's no body else we are worried about of this sort of scale."

She said Thomas Cook was operating in an "incredibly competitive" market, but had some specific problems - such as failing to adapt to changing consumer demands.

A comment she heard a couple of days ago sums up the issue, Dame Deidre said: "Thomas Cook is operating on brochures, whereas the world has moved on to barcodes."

Thomas Cook collapses: Chief executive apologises to staff and customers
Peter Fankhauser says he's "distressed" that despite huge efforts, they have not been able to secure a deal to save the business.