Many took to social media to express their shock and regret at the passing of one if the most well-known names in the sector.

The Travel Network Group CEO Gary Lewis said: “Thomas Cook is the oldest brand in travel but it is their people and our friends we are really thinking of today.

While the majority of package holidays are protected by Atol, many customers who have booked flight only will not be afforded that same kind of protection.

Thomas Cook CEO: Every avenue and beyond explored to try to save business