Thomas Cook collapses as last-ditch rescue talks fail

Thomas Cook has collapsed after last-minute negotiations aimed at saving the 178-year-old holiday firm failed.

The UK Civil Aviation Authority (CAA) said the tour operator had “ceased trading with immediate effect”.

It has also triggered the biggest ever peacetime repatriation, aimed at bringing more than 150,000 British holidaymakers home.

Peter Fankhauser, Thomas Cook’s chief executive, said the firm’s collapse was a “matter of profound regret”.

Commenting as the company entered compulsory liquidation, Mr Fankhauser also apologised to the firm’s “millions of customers, and thousands of employees”.

The tour operator’s failure puts 22,000 jobs at risk worldwide, including 9,000 in the UK.

Mr Fankhauser said: “Despite huge efforts over a number of months and further intense negotiations in recent days we have not been able to secure a deal to save our business.”

He added: “It has been my privilege to lead Thomas Cook. It is deeply distressing to me that it has not been possible to save one of the most-loved brands in travel.”