The collapse of Thomas Cook in September 2019 was a result of various factors, including its failure to stay competitive with newer and more flexible travel companies, low-cost airlines and online travel services. Furthermore, political instability in countries such as Turkey, as well as the heatwave of 2018 and Brexit, contributed to the company's woes. In addition, Thomas Cook faced insurmountable debt, with several ill-advised deals and a drastic weakening of the pound due to Brexit. The company had raised £425 billion from shareholders in 2013, but this was insufficient to pull it out of the red. Despite securing a £900-million funding package in August 2019, an eleventh-hour request from creditor banks for a further $200 million in contingency funding to sustain them during the quieter winter months precipitated the collapse of the deal and the company itself. The impact of the collapse was significant, with the UK Civil Aviation Authority repatriating 140,000 UK-based Thomas Cook customers who were still abroad, and On the Beach, the online travel agent that was booking around 15% of its customers onto Thomas Cook flights, experiencing a 26% drop in profits for the year to September. The collapse of the world's oldest travel firm should be felt across much of Europe, and its failure highlights the importance of companies staying competitive and adaptable in a rapidly changing business environment.