Jet2 has raised £525 million in fresh funding as the leisure operator awaits a more substantial reopening of the UK holiday market.

Most of the cash came in the form of approximately £375 million in guaranteed senior unsecured unrated convertible bonds.

At the same time, the company has agreed a new £150 million loan.

Jet2 has raised close to £1 billion in liquidity from a diversified range of funding sources over the past year as it seeks to mitigate the impacts of the Covid-19 pandemic.

This includes £200 million from a Covid Corporate Financing Facility offered by the Bank of England.

The company is currently planning to restart operations later this month, though the date has been repeatedly delayed.