Ryanair boss Michael O'Leary says Norwegian Air 'next to bust' and package holiday model 'screwed'

Mail Online | 9/4/2014 | Ross Ibbetson For Mailonline
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Ryanair boss Michael O'Leary claims Norwegian Air will be 'the next to go bust' and says the package holiday model is 'screwed' after the collapse of Thomas Cook.

Mr O'Leary slammed the Civil Aviation Authority for not stepping in before the travel giant's crisis last week, leaving 150,000 Britons stranded abroad.

Irishman - Tuesday - CAA - Thomas - Cook

The Irishman said on Tuesday that the CAA needed to address how it had deemed Thomas Cook fit to fly in April before it collapsed just five months later.

Mr O'Leary predicted other airlines would go bust, with reporter Tom Jenen tweeting from the Reuters event: 'Michael O'Leary, CEO @Ryanair claims @Fly_Norwegian is the next airline to go bust, here @ReutersUK Newsmakers.'

Mr - O'Leary - Comments - Year - Norwegian

Mr O'Leary made similar comments last year, alleging that Norwegian would go under in the winter because it 'loses a heroic amount of money.'

The airline rubbished the Ryanair boss's statement, saying they had 'no root in reality' and that they had boosted revenue by 30 percent on the previous year.

Mr - O'Leary - Tour - Operator - Package

Mr O'Leary described the tour operator and package holiday models as dead, adding that 'nobody under the age of 40 buys a tour holiday or goes to a travel agency anymore, they do it themselves.'

The boss said that as his company continues to expand and people grow older, the dated travel company model would shrink to extinction.

Tour - Operator - Model - Mr - O'Leary

'The whole tour operator model is finished,' Mr O'Leary added. '(The market) is screwed, it's over.'

Mr O'Leary said he thought it was unacceptable for the CAA to have given Thomas Cook licence to keep running when industry insiders had scented its imminent demise.

CAA - Shareholders - Companies - Cash - Year

'The CAA should be much more aggressive in requiring the shareholders of those companies to put much more cash to get through the year,...
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