It is bad news for holidaymakers this morning as tour operator Thomas Cook has collapsed.
This is despite desparate last-minute negotiations as the UK Civil Aviation Authority confirmed it had 'ceased trading with immediate effect'.
Approximately 150,000 British holidaymakers are currently out of the country via Thomas Cook. Measures will now need to be put in place to bring those people home.
All booked flights and holidays are also cancelled with immediate effect. Thomas Cook does not fly from Leeds Bradford Airport, though around 5,000 people were due to fly from nearby Manchester Airport with the company throughout Monday
Meanwhile, failure to secure the extra £200 million needed to keep the business afloat means 22,000 jobs are at risk worldwide, including 9,000 in the UK.
The company, one of the world's oldest and largest travel organisations, took part in a full day of crucial talks with the major shareholder and creditors on Sunday.
In a statement, the UK Civil Aviation Authority said: "Thomas Cook Group, including the UK tour operator and airline, has ceased trading with immediate effect.
"All Thomas Cook bookings, including flights and holidays, have now been cancelled."
Unions representing Thomas Cook staff, of which there are 9,000 across the group in the UK, had urged the Government to intervene.
Before the news anxious customers had been dreading, Foreign Secretary Dominic Raab attempted to assure that contingency planning was in place for what is reportedly set to be the largest repatriation operation since the Second World War.
A million customers will also lose their future bookings, although with most package holidays and some flights-only trips being protected by the Atol scheme, customers who have not yet left home will be given a refund or replacement holiday.
For those on holiday, the scheme will make sure they can finish their holiday and return home.
One of the world's oldest and largest travel companies, the firm had been trading for 178 years - having been established in 1841 by a cabinet maker who organised a day trip for temperance movement supporters.
According to its website, as of this year the group employed 21,000 people in 16 countries, operated 105 aircraft and 200 own-brand hotels and resorts.
The Civil Aviation Authority (CAA) said the Government had asked it to launch a repatriation programme over the next two weeks, starting on Monday and running to Sunday 6 October, to bring Thomas Cook customers back to the UK.
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