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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.

Union says cuts will not help Thomas Cook

Around 2,500 jobs are to go at travel firm Thomas Cook – many of which will be cut from the firm's head office in Peterborough.

The job losses, alongside the closure of 200 high street stores, are part of the next phase of a three year transformation plan for the company, which aims to cut costs and reduce financial losses.

The general secretary of TSSA – the union for people in travel and transport, Manuel Cortes, believes cuts aren't the answer.

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