The group confirmed the proposals in a statement issued on Thursday morning (25 June).

In total, the group’s restructuring measures will result in the loss of up to 425 jobs; 170 of these will be in Switzerland.

Consultation with staff at Hotelplan UK, which operates the Inghams, Esprit Ski, Ski Total, Inntravel, Explore and Flexiski brands, will get under way "in the coming days".

TTG has approached Hotelplan UK for further comment.

"The coronavirus crisis has triggered a dramatic worldwide downturn in the travel business, with no prospect of a swift recovery," said the group.

"For Hotelplan Group, painful measures are unavoidable to prepare the company for tougher market conditions in the long term. 

"Hotelplan Group and its workforce have had to bear the full brunt of the crisis. The collapse of the travel sector means Hotelplan Group must adapt all its business units in Switzerland, Germany and the United Kingdom to the changing market conditions. Regrettably, job losses will be unavoidable."

Group chief executive Thomas Stirnimann added: “The development of the travel industry is a nightmare for us all. It is painful to no longer be able to provide employment prospects for all our staff.

"Unfortunately, the fallout of the global restrictions on travel and the outlook for business development make these measures unavoidable.

"Our aim is to secure as many jobs as possible in the long term and preserve our competitiveness."