Thomas Cook meeting key parties in last ditch attempt to get a rescue deal

Thomas Cook is meeting with key parties in a final bid to piece together a rescue deal.

The meeting is understood to be taking place at City law firm Slaughter and May.

Among those attending will be the firm's biggest shareholder, along with creditors.

It comes as the Peterborough based tour operator asked the government to step in and pay the money needed to keep it afloat.

The travel company faces falling into administration this weekend if it does not find an additional £200m in funds.

Banks have urged Thomas Cook to raise additional funds to bolster its position ahead of the winter, when business is typically quieter.

If the company was to collapse, as many as 150,000 Brits could be stranded abroad.

In a statement the Department for Transport said in a statement: "We do not speculate on the financial situation of individual businesses."

The Transport Salaried Staffs Association, which represents workers at the company, said the Government should be ready to assist with “real financial support”.

General Secretary Manuel Cortes called for an urgent meeting with Business Secretary and South Northamptonshire MP Andrea Leadsom.

He said in a letter: “It is incumbent upon the Government to act if required and save this iconic cornerstone of the British high street and the thousands of jobs that go with it.

“Thomas Cook can be a highly successful business and must be given every opportunity to flourish. I urge you to stand ready to assist Thomas Cook with real financial support.

“The company must be rescued no matter what. No British government in its right mind would countenance the loss of so many jobs and the prospect of just one major travel operator – TUI – controlling the mass market.”