Thomas Cook unveils fightback after bank deal

The troubled holiday firm Thomas Cook has tried to revive its dire trading with a price promotion that offers £170 off any summer holiday for UK consumers, following a rescue deal with its banks at the weekend. The £200m loan sent shares in the tour operator soaring by 3.3p, or 18 per cent, to 21.3p yesterday – more than double its closing price of 10.2p last Tuesday.

On that day, its shares crashed by 75 per cent after Thomas Cook, which has £900m of debt, warned it needed more money from its banks to help it through its seasonal low point .

But yesterday the debt-laden holiday company launched an aggressive price promotion, which played on the fact it was founded in 1841.