© News In Cyprus | Thomas Cook collapses – CAA confirms

Thomas Cook, the 178-year-old global travel group, has collapsed after failing to secure an extra £200 million in funding.

Crucial talks aimed at preventing the holiday firm going out of business were held throughout Sunday but failed to secure the necessary funding with the UK Civil Aviation Authority (CAA) confirming that the tour operator has “ceased trading with immediate effect”.

The travel firm employs 22,000 staff worldwide including 9,000 in the UK had been planning to sell 75 per cent of the tour operating business and 25 per cent of its airline to Chinese company Fosun – the company’s current largest shareholder.

In the early hours of Monday morning Thomas Cook aircraft were tracked….. Read More On: News In Cyprus

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