The shock of Thomas Cook’s collapse may create reverberations that travel much further than the 150,000 holidaymakers who are reportedly stranded overseas or the many people who have already paid for travel with the company. The impact of Thomas Cook’s failure is even more stark because the company’s 19th-century founder was the father of package holidays, taking the first group of travellers abroad in 1855.

MyTravel Group, the troubled British tour operator that owns Panorama and Direct Holidays in Ireland, has withdrawn from its cruise ship operations, although it will continue to sell the cruise products of other third party providers.

MyTravel Group, the troubled British tour operator that owns Panorama and Direct Holidays in Ireland, today said it was seeking to rebuild its financial position and that first half trading is in line with expectations.

The chief executive of MyTravel Group's Irish and UK operations, Duncan Wilson, has resigned.

British tour operator MyTravel Group is suing the EU, which blocked a planned merger with a rival, for more than £500m (€715m).