The company said it was “reassessing its operations” after seeing a “significant” impact on the business due to the Covid-19 pandemic and predicting reduced revenues.
The business has started the first stage of a two-year recovery plan, beginning with a restructure that will affect all parts of the group.
It will reduce the size of its team by approximately 330 people, including 250 roles at its Kent head office and approximately another 80 roles around the group business.
Holiday Extras said this was “a significant step in planning to secure the business’s future”, and will be part of the package of measures it is implementing to mitigate the impact of the pandemic, including adoption of the government’s furlough scheme, which it says has allowed the company to save more roles than would otherwise have been the case.
The organisation is also in the final stages of securing a government backed extension to its current debt facility.
Matthew Pack, group chief executive at Holiday Extras, said: “Holiday Extras has been in my family for 37 years.
“Alongside my leadership team, we have worked continuously over the course of the pandemic to ensure that we will come through this downturn.
“Unfortunately, today we’ve had to take this very difficult decision to safeguard the future of the business for our customers and remaining employees.
“Our teams and culture are so important to our success and we’re committed to keeping Holiday Extras a great place to work.
“We’ve left no stone unturned in making these extremely tough choices, but we believe we’ve remained true to our values which we will protect for the long-term for our remaining team members, customers and partners alike.”
Holiday Extras’ leadership team has undertaken training “to provide the best counsel possible” for affected staff, as well training coursers for managers.
A similar site, offering advice, including CV-crafting, as well as additional training and access to helpful resources will also be provided to all employees impacted by the restructure.
