Thomas Cook jumps on debt move

Thomas Cook shares rose 4.97 per cent yesterday after the travel firm revealed that it was cancelling a £100m banking facility, saving it £26m in fees. The move comes a day after Thomas Cook agreed to sell its North American arm for £3.4m as part of ongoing efforts to reduce its debt pile. Broker Peel Hunt yesterday upgraded its rating on the firm to “buy”, noting its surprise at Thomas Cook’s speedy turnaround strategy, though it still expects the firm to raise more capital.