BREAKING NEWS (LATEST): Thomas Cook Airlines Group Enters Administration. Click here for the latest.
Britain's oldest Travel agent Thomas Cook looks set to collapse tonight after last minute rescue talks look set to end in a catastrophic failure.
The company is expected to officially cease trading in the early hours of Monday morning after rescue talks ended in apparent catastrophic failure with administrators being called in to offset the 200 Million pound debt.
Sky News has learnt that the company's creditors and the government are anticipating an announcement on Monday morning that the 178-year-old business had ceased trading - with a new Whitehall taskforce set up to address the crisis.
Holiday makers who are left stranded by the Collapse have been told that the government will make sure all 150,000 people are returned safely back to the UK.
Insiders have also told Sky News that the Official Receiver was expected to be involved in any insolvency process, with KPMG, the big four accountancy firm, handling the administration or liquidation of Thomas Cook's UK tour operating division - which comprises more than 550 high street shops.
Thomas cook has Around 5 shops in Ayrshire, more information to follow...