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Thomas Cook reports £590m loss

The new boss of Thomas Cook pledged the company would turn a corner today as the travel giant's turnaround plan pushed it to an "unacceptable" loss of £590 million.

The UK's second-biggest travel company is based in Peterborough. It is counting the cost of restructuring as it reorganises its UK business, cuts its aircraft fleet and sells off hotels.

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Thomas Cook sell-off plan to turn business around

Peterborough-based Thomas Cook is asking shareholders to approve two sell-offs without which the holiday giant has warned it could collapse.

The tour operator, which appointed new chief executive Harriet Green on Thursday, needs investors to back the planned sale and leaseback of part of its aircraft fleet and the disposal of five Spanish hotels.

Failure to support the fundraising move could jeopardise the company's recent £1.4 billion deal with lenders to turn the business around.

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