1. ITV Report

Peterborough-based Thomas Cook reveals £1.4 billion loss

Store closure plans are part of efforts to streamline the business as more customers switch to online booking Credit: ITV Anglia

Troubled holiday agent Thomas Cook, which is based in Peterborough, has reported a loss of around £1.4 billion for the six months to March 31. It has also confirmed "multiple" bids have been made for all or part of its airline. Thomas Cook's pre-tax losses widened from £303 million a year earlier

The travel company recently announced plans to close 21 of its stores across the UK, including its Stevenage branch, and also axe over 300 retail jobs. The closures are part of Thomas Cook's efforts to streamline as more customers switch to online booking.

Thomas Cook has its headquarters in Peterborough Credit: ITV Anglia

"The prolonged heatwave last summer and high prices in the Canaries reduced customer demand for winter sun...there is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for this summer."

– Peter Fankhauser, Chief Executive of Thomas Cook

The group's pre-tax losses widened from #303 million a year earlierThomas Cook said it predicts underlying earnings will fall over the second half of the year. It believes these results will put the full-year result under pressure.