Thomas Cook collapses after rescue talks fail

Travel giant Thomas Cook has ceased trading after failing to secure a last-ditch rescue deal, leaving an estimated 150,000 Britons abroad awaiting repatriation.

The company was unable to secure the extra £200 million needed to keep the business afloat following a full day of crucial talks with the major shareholder and creditors on Sunday.

In a statement, the UK Civil Aviation Authority said: “Thomas Cook Group, including the UK tour operator and airline, has ceased trading with immediate effect.

“All Thomas Cook bookings, including flights and holidays, have now been cancelled.”