Travel company Thomas Cook has collapsed after weeks of speculation the company was difficult.
The UK Civil Aviation Authority (CAA) said the company has “ceased trading with immediate effect”.
The collapse of the company will leave around 150,000 holiday makers stranded.
HOWEVER the Civil Aviation Authority have said that they have aircraft on standby ready to bring these holiday makers home saying they are ‘very prepared’.
Thomas Cook, the oldest travel company in the world, initiated a refinance plan last month but in recent days banks had asked the company to raise an extra £200m, which they were unable to do.
The current CEO Peter Fankhauser, Thomas Cook’s said the collapse of Thomas Cook was a “matter of profound regret”.
Now plunged into likely administration, not only 150,000 holiday makers will be affected short term, but also long term 9,000 employees of the firm.