The online agency, founded in 1998, has 400 employees and is coping with the ban on cruise travel plus cuts in capacity by ski operators. 

Iglu operates as Iglu Ski, Iglu Cruise and Planet Cruise, which it bought in 2013. It said it worked with 90% of the UK ski market and all major cruise lines.

Chief executive Richard Downs has outlined plans in a letter to staff. He said “roles across the business are at risk”.

In the letter, he warned: “We are proposing to reduce our operating costs by 40-50% to be a more appropriate size for the current trading environment.”

However, he stressed this was “a short-term measure”.

Staff from the cruise section of the business are likely to be hardest hit. Downs said: “We have investigated all avenues in order to retain jobs but as cruising drives the majority of our revenue, and with the pause of cruise operations ongoing, this has become necessary.”

The number of redundancies will be confirmed later, with Iglu having organised external support for those affected.

Downs apologised to staff, saying it was “with great regret” that he had to make changes.

He added: “The unprecedented circumstances of the last few months have been the most challenging period in the 22 years since Iglu.com launched, as it has been for so many businesses in the travel industry. I cannot thank our team enough for their dedication, support and resilience, in such difficult circumstances.”