Thomas Cook future looks brighter

Thomas Cook announce plans for "calmer waters" Credit: Rui Vieira/PA Wire

Tour operator, Thomas Cook, has announced a £425 million fundraising with shareholders in a bid to cut debt.

The firm, based in Peterborough, has also revealed details of a £1.6billion refinancing plan. The news comes at a time when trade is "encouraging" and the travel agent say they have seen a 10% reduction in the number of holidays left to sell compared with last year.

Under new chief executive Harriet Green, Thomas Cook also said it cut losses to £275.6 million for the seasonally quieter half year to March 31.