TRAVEL giant Thomas Cook has collapsed leaving 150,000 British tourists stuck overseas and 9000 jobs at risk in the UK. 

The UK's largest peacetime repatriation has been launched to bring them back, with the flight programme ran by the Civil Aviation Authority (CAA) costing around £100 million.

The firm ceased trading in the early hours of this morning after failing to secure a rescue deal. 

There had been hope among unions that the Government could bail out the troubled firm - it is estimated Thomas Cook needed about £200m to continue operating - but this did not happen. 

While travelling to New York for the UN General Assembly, Prime Minister Boris Johnson said he didn't think the Government could have done more to help. 

“It is a very difficult situation, and obviously our thoughts are very much with the customers of Thomas Cook, the holidaymakers, who may now face difficulties getting home,” he said.

The National:

“We will do our level best to get them home. There will be plans ready to deal with that if it is necessary.”

Asked about the company's request for government funding, he said: “Clearly, that’s a lot of taxpayers’ money and sets up, as people will appreciate, a moral hazard in the case of future such commercial difficulties that companies face.

“I do think that we need to look at ways in which tour operators, one way or another, can protect themselves from such bankruptcies in future. And clearly the systems that we have in place to make sure that companies like Monarch or Thomas Cook don’t in the end come to the taxpayer for help, one way or the other, the state will have to step in to help stranded holidaymakers."

Around 40 aircraft from as far away as Malaysia have now been chartered to operate approximately 1000 flights over the next two weeks to get holidaymakers home.

Most of the flights will be from European airports, but customers will also be brought home from Thomas Cook's long-haul destinations such as those in the US, the Caribbean and Cuba.

Thomas Cook's chief executive, Peter Fankhauser, said his company had "worked exhaustively" to salvage a rescue package.

He said: "This is a statement I hoped I would never have to make."

"Following a decision by the board late last night, the UK Government's official receiver was appointed in the early hours of this morning, the 23rd of September, to take control of Thomas Cook.

"Despite huge efforts over a number of months and further intense negotiations in recent days, we have not been able to secure a deal to save our business.

"I know that this outcome will be devastating to many people and will cause a lot of anxiety, stress and disruption."

"I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years.

"This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world."

READ MORE: UK Government called to intervene in Thomas Cook collapse

The Department for Transport (DfT) said all customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date.

Thomas Cook package holiday customers will also see the cost of their accommodation covered by the Government, through the Air Travel Trust Fund or Atol scheme, the DfT said.

Thomas Cook customers are advised to visit the CAA's dedicated website, thomascook.caa.co.uk.