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Sources: Thomas Cook to cease operations

Sources: Thomas Cook to cease operations

Thomas Cook, the UK's oldest travel agent is closer to collapse and will likely enter into administration or liquidation from the early hours of Monday morning.

At the time of publishing, Thomas Cook has released no statement and was still advising customers that operations we're as normal. On Sunday evening, the travel agent's website was also accepting new bookings.

However, sources suggest that the company will likely cease operations from Monday morning after it appears efforts on Sunday to secure £200 million funding to rescue the company were unsuccessful. The company's bosses we're in meetings on Sunday to discuss a potential rescue from the brink of collapse, however no statement was given following these talks.

According to Sky News, KPMG is set to manage the administration or liquidation of the company, with AlixPartners set to oversee the insolvency of the group's airlines.

Around 160,000 Britons are currently thought to be overseas with the company. If the company fails, the UK Government's Department for Transport and the Civil Aviation Authority (CAA) will launch project Matterhorn to bring home all left the group's customers, who would otherwise be left stranded.

Sources have suggested an official announcement by Thomas Cook may be made late on Sunday evening or on Monday morning when all planes are grounded.

More follows.

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