Thomas Cook posts mammoth £1.5BILLION loss with 21 stores and 300 jobs to go

HOLIDAY firm Thomas Cook has announced a £1.46bn loss over just six months, as it closes 21 high street stores and Brits book fewer breaks.

The struggling travel firm has said 150 jobs are to go in the Peterborough head office as part of a cost-cutting drive.

This is on top of the 300 jobs it announced would go in March as well as the store closures. 

Thomas Cook on Thursday said it had made a £1.456bn half-year loss.

The bulk of the loss for the six months to the end of March was caused by the firm’s decision to write down the value of part of the business by £1.1bn due to weak trading. 

They also blamed the UK heatwave and the fact Brits are booking fewer breaks abroad, claiming there was “little doubt” Brexit has dampened people’s summer holiday plans.

Chief executive Peter Fankhauser said: “The first six months of this year have been characterised by an uncertain consumer environment across all our markets.

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

“Our loss from operations for the period was £1.4bn, which reflects a non-cash impairment of historic goodwill, largely related to the merger with MyTravel in 2007 which we have re-valued in light of the weak trading environment.

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