My take, poorly managed company, could have diversified better, but saying Brexit has nothing to do with it's execution would be a bit rash. TC had huge liabilities in euros, paid everything out overseas in terms of their suppliers, but then only had assets in sterling with which to pay them. There's a +28% cost headwind (compared to 2015) based on exchange rates before you've even thought about paying Manuel at El Bastardo Villas.
TC: "Didn't this use to cost a quid last year?"
Manuel: "Aye, well itsa quid thirty now boss innit."
TC: "Ah, but I just charged that couple from Rotherham a quid."
Manuel: "Yeah, well screw you! You wanna da softa toilet paper, you go to Hotel Gay Boy!"
