Thomas Cook turns down £400m cash boost

The chairman of tour operator Thomas Cook has reportedly rejected a proposal by a group led by two leisure industry veterans and backed by some shareholders to inject £400m into the company.

Frank Meysman dismissed the plan after representatives of the group met the Thomas Cook chairman two weeks ago, reports the FT, citing its own sources. The £400m cash pool would support a rights issue and an injection of working capital into the business. The plan had the support of Invesco, its second-largest shareholder with 10.44% cent, along with several other stakeholders. The group, including Invesco, is no longer working on the plan, according to the FT. The group of investors includes travel industry veteran Terry Fisher, formerly of Airtours who sold tour operator Gold Med...