Travel giant Thomas Cook has collapsed after being unable to secure a last-minute rescue deal.

The company failed to find the extra £200 million needed to keep the business afloat following a full day of crucial talks with the major shareholder and creditors on Sunday.

150,000 Britons are estmated to be stranded abroad awaiting repatriation.

Richard Moriarty, the chief executive of the UK Civil Aviation Authority (CAA), said the Government had asked his organisation to launch “the UK’s largest ever peacetime repatriation”.

In a statement, the CAA said: “Thomas Cook Group, including the UK tour operator and airline, has ceased trading with immediate effect.

People who have holidays and flights booked from the UK are being told not to go to the airport as there are no Thomas Cook flights. 

Thomas Cook: What happens next?