Thomas Cook has rejected a proposal by two leisure industry veterans and its second-largest shareholder to inject £400 million into the beleagued travel company. The offer to bolster its finances came from Terry Fisher, a former Airtours executive and Clive Jacobs, the founder of the car rental business Holiday Autos, with the support of Invesco and other shareholders.
The group met Frank Meysman, the Thomas Cook chairman, two weeks ago to discuss the plan, under which the company would have pursued a rights issue to raise more money and Mr Fisher and Mr Jacobs would have become co-chief executives.
The company is understood to remain open-minded about fundraising.
Thomas Cook has struggled as cost-conscious consumers book fewer holidays, leading to a succession of profit warnings. There have also been fears that the company, which has £900 million of debt, would breach its banking covenants.
Thomas Cook declined to comment.