On foot of an unexpected announcement that it was to has to return to the banks for financial assistance, Thomas Cook has seen its shares slump by up to 70%. As damage limitation swung into action, Sam Weihagen, Thomas Cook interim chief executive insisted that the travel group was in robust shape and has a “great future”.

However investors are not as confident and the announcement combined with a stream of profit warnings since the start of the year has now put the market value of the group at just over £120 million.