2:49AM
Thomas Cook chief apologies
Peter Fankhauser, the chief executive of Thomas Cook, said the tour operator’s collapse was a “matter of profound regret” as he apologised to the company’s “millions of customers, and thousands of employees”.
“We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers.
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“Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.
“It is a matter of profound regret to me and the rest of the board that we were not successful.
“I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years.
“Despite huge uncertainty over recent weeks, our teams continued to put customers first, showing why Thomas Cook is one of the best-loved brands in travel.
“Generations of customers entrusted their family holiday to Thomas Cook because our people kept our customers at the heart of the business and maintained our founder’s spirit of innovation.
“This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world.”
2:46AM
Website down
Holidaymakers seeking information are being left frustrated as the website dedicated to the collapse is not up and running.
The CAA says: “We are aware that some users are having difficultly accessing the dedicated website for information and advice following Thomas Cook ceasing trading.
Please keep checking the website as it is currently launching.”
2:42AM
CAA launches ‘one of the UK’s largest airlines’
Richard Moriarty, chief executive of the CAA, said it had launched “what is effectively one of the UK’s largest airlines” in order to repatriate British holidaymakers.He said:
“News of Thomas Cook’s collapse is deeply saddening for the company’s employees and customers, and we appreciate that more than 150,000 people currently abroad will be anxious about how they will now return to the UK.
“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.
“We urge anyone affected by this news to check our dedicated website, thomascook.caa.co.uk, for advice and information.”
2:38AM
Operation begins to bring home holidaymakers
The Civil Aviation Authority (CAA) said the Government had asked it to launch a repatriation programme over the next two weeks, starting on Monday and running to Sunday 6 October, to bring Thomas Cook customers back to the UK.
The CAA statement said:
“Due to the unprecedented number of UK customers currently overseas who are affected by the situation, the Civil Aviation Authority has secured a fleet of aircraft from around the world to bring passengers back to the UK with return flights.
“Passengers in a small number of destinations may return on alternative commercial flights, rather than directly through the Civil Aviation Authority’s flying programme. Details and advice for these passengers are available on the dedicated website.
“Due to the significant scale of the situation, some disruption is inevitable, but the Civil Aviation Authority will endeavour to get people home as close as possible to their planned dates. This will apply to both Atol protected passengers and those who are not protected.
“Customers currently overseas should not travel to the airport until their flight back to the UK has been confirmed on the dedicated website.
“Thomas Cook customers in the UK yet to travel should not go to the airport as all flights leaving the UK have been cancelled.”
2:30AM
Thomas Cook collapses
Good morning. All eyes are on Thomas Cook this morning after the travel operator collapsed in the early hours of Monday.
5 things to start your day
1) A late-cycle surge in ‘leveraged loans’ has echoes of financial engineering before the Lehman crisis and could lead to a cascade of fire sales if conditions suddenly tighten, the world’s top financial watchdog has warned. The Bank for International Settlements said the high-risk loans have climbed to $1.4 trillion and are increasingly being sliced and diced much like subprime mortgage debt before 2007.
2) London and the south east is poised to become the country’s biggest manufacturing region, overtaking Britain’s traditional industrial heartlands. A new analysis of official data by manufacturing trade body MakeUK and BDO revealed that the sector is worth £28.1bn a year in London and the south east, just £400m behind the north west’s £28.5bn.
3) Brexit is “not just a British” problem, car manufacturers from across Europe are warning, as they appeal for politicians on both sides of the Channel to avoid the UK crashing out of the trading bloc without a trade deal.
4) WeWork’s controversial chief executive Adam Neumann faces being ousted by the office space company’s board as it seeks to get its tumultuous US flotation back on track.
5) ‘We’re more likely to make fridges than an SUV’: With one eye on the environment and one on exhilaration, McLaren boss Mike Flewitt tells Alan Tovey the GT will not please everyone.
What happened overnight
Thomas Cook has collapsed, a failure that will likely consign the most iconic name in world travel to the annals of history.
The Government and the Civil Aviation Authority (CAA) have launched Britain’s biggest peacetime repatriation of customers.
The CAA said the tour operator has “ceased trading with immediate effect”.
“All Thomas Cook bookings, including flights and holidays, have now been cancelled,” it added.
Coming up today
Today
Flash PMI data from France and Germany will set the tone this morning.
Recent results have shown a marked divergence, with the services sector in both countries holding firm as manufacturing suffers amid pressure from global trade tensions and Brexit uncertainty.
There are suggestions that the data may show a pickup, although the bigger picture may still indicate Germany is on track to enter a technical recession. Recent data from France has tended to be more perky than its neighbour.
Interim results
ASA
Trading update
Northgate
Economics
CBI trends (UK), purchasing managers’ index (eurozone and US)