Thomas Cook has collapsed as last-minute talks aimed at saving the company failed.

The UK Civil Aviation Authority (CAA) affirmed that the 178-year-old tour operator had "ceased trading with immediate effect".

According to Thomas Cook's chief executive, Peter Fankhauser the collapse of the company was a "matter of profound regret".

He also apologised to the firm’s "millions of customers, and thousands of employees".

Thomas Cook entered compulsory liquidation in the early hours of Monday morning after if failed to secure an additional £200m required to keep it afloat, following talks with creditors and the government, reports Sky News.

Over a million customers who had travel plans booked in the upcoming months have been told not to go to the airport as all bookings, including flights and holidays, have been cancelled.

The firm’s collapse puts 22,000 jobs at risk across the world, including 9,000 in the UK.

Mr Fankhauser went on to say: "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."

UK Prime Minister Boris Johnson promised to assist stranded holidaymakers, says a BBC report, but also asked whether Thomas Cook’s directors were sufficiently incentivised to "sort such matters out".

He said: "It's a very difficult situation and obviously our thoughts are very much with the customers with Thomas Cook, the holiday makers, who may now face difficulties getting home."

Richard Moriarty, chief executive of the UK Civil Aviation Authority, said news of the firm’s collapse was "deeply saddening".

He went on to say: "The government has asked us to support Thomas Cook customers on what is the UK's largest ever peacetime repatriation.

"We have launched, at very short notice, what is effectively one of the UK's largest airlines, involving a fleet of aircraft secured from around the world.

"The nature and scale of the operation means that unfortunately some disruption will be inevitable. We ask customers to bear with us as we work around the clock to bring them home."

The CAA's policy director Tim Johnson told Sky News: "We expect to run around 1000 flights from the 55 destinations that Thomas Cook served.

"This is a huge effort, were working very closely with the government and Foreign Office in particular...But we're particularly appreciative and grateful for the support of a number of Thomas Cook employees who have clearly received this very sad news but they're going to be working with us over the coming few weeks to really help us manage this repatriation exercise."

 

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