Thomas Cook Group chief executive Manny Fontenla-Novoa has reassured UK shop staff no redundancies are planned following news 77 of its Dublin staff are in consultation.

Up to 46 staff in two Thomas Cook shops in Dublin will undergo a 30-day consultation from next week, along with 15 staff at the Direct Holidays shop in the city. A further 16 staff work for its operator brands Direct Holidays, Sunworld and Panorama.

Speaking at the announcement of the group’s half-year results, Fontenla-Novoa said the Irish economy was suffering badly in the recession, with the travel market down by as much as 40%.

“We are outperforming that, but we are under a lot of pressure. The Thomas Cook businesses in Dublin were very good, but unfortunately were hit,” he said.

Fontenla-Novoa blamed the introduction of the euro for much of the impact on business in Ireland, adding: “We lost a lot of our foreign exchange income as a result of that. Rates also went up significantly, fuelled by the economy, and it made it difficult to operate a retail business.”