The new owners of the Thomas Cook retail estate paid just £10,000 per premises when it purchased the now extinct firm's 555 stores, it has been revealed.

The collapse of Thomas Cook is being considered by the House of Commons Business, Energy and Industrial Strategy Committee this week.

The firm's former bosses being grilled by MPs over the way that the firm collapsed leaving thousands without jobs and tens of thousands stranded overseas.

Also giving evidence was Dean Beale the CEO of the Insolvency Service who revealed details of the deal that saw the shops sold.

As reported on Punchline earlier in the month, Sunderland

-based Hays Travel had purchased the store estate, saving 555 stores and thousands of jobs.

Mr Beale confirmed to the BEIS Committee that the total paid for the estate was £6million - equating to around £10,000 per store.

Thomas Cook operated six stores under its branding in Gloucestershire prior to the collapse.

It had stores on Cheltenham's High Street, on Eastgate Street in Gloucester as well as in Cirencester, Stroud and Tewkesbury.