Thomas Cook boss tells of sorrow of company's collapse in letter to staff

In the note to 9,000 UK staff, including more than 1,000 in Peterborough, chief executive Peter Fankhauser says that “every avenue and beyond” was explored to try to save the business.

It comes after an intensive weekend of talks with lenders, shareholders and the UK government failed to agree a rescue package for the 178-year-old travel company.

Mr Fankhauser states: "It is with a heavy heart that I write this message to you.

“Despite the best efforts of so many people, I deeply regret to inform you that after many months of fierce negotiation we have failed to find the support required for the continued future of Thomas Cook Group.

“I know you will find this incredibly difficult to digest – as I do. However, I want you to know that the team and I explored every avenue and beyond to save tis business.”

He confirmed: “Late last night the board took the decision to file for the insolvency of the UK businesses, including our UK based airline.

“In the early hours of this morning the High Court appointed the Official Receiver to act as liquidator.

“Unfortunately that means that with immediate effect these businesses cease to trade.”

“The coming weeks are going to be extremely difficult.

“However, I know I can rely on you all to behave in the exemplary way you have always done in times of crisis.

“Shortly you will receive invitations to the relevant town halls and team meetings that will be supported by our HR colleagues and professionals from AlIxParnters or KPMG.”

“It has been an honour and my great privilege to work with all of you for the past 20 years.

"I am so proud of everything you have done to keep our customers at the heart of everything we do; your dedication and expertise is the reason why Thomas Cook will always be one of the best loved brands in travel.”

The UK businesses of Thomas Cook are now under the control of the Official Receiver with AlixPartners and KMG have been appointed.