Tui looking to raise £936m to cut debts as bookings bounce back

Tui has announced plans for a £936m cash call to cut debts.

The group said the fundraising will help boost its balance sheet and allow it to repay emergency Government loans.

In an update alongside the cash raise, Tui said it saw 5.2 million bookings over the summer - a 1.1 million increase since its August update.

It said bookings were "well ahead" in Germany and the Netherlands, though travel rules have been lifted later in the UK.

The group added it had a "very encouraging pipeline" of 1.6 million bookings for summer 2022, which is overall up 54 per cent on 2019 levels with a 15 per cent hike in average selling prices.

Tui chief executive Fritz Joussen said: "We want to, we can and we will find our way back to economic strength. We are working on this relentlessly.

"The capital increase is a further step. We want to repay the Government loans quickly."

He added: "The improved capital structure creates a solid foundation and enables us to take even better advantage of the opportunities arising from the recovery of the industry."

Support The Yorkshire Post and become a subscriber today.

Your subscription will help us to continue to bring quality news to the people of Yorkshire. In return, you'll see fewer ads on site, get free access to our app and receive exclusive members-only offers.

So, please - if you can - pay for our work. Just £5 per month is the starting point. If you think that which we are trying to achieve is worth more, you can pay us what you think we are worth. By doing so, you will be investing in something that is becoming increasingly rare. Independent journalism that cares less about right and left and more about right and wrong. Journalism you can trust.

Thank you

James Mitchinson