A total of 451 people are being made redundant: 264 in Krakow, 120 in the UK, 60 in Majorca and 7 in Switzerland.

Smith & Williamson LLP and CMB Partners UK said that there were exhaustive attempts by the directors to rescue the group.

Finbarr O’Connell of Smith & Williamson said: “The group experienced significant market headwinds in the run up to the EU referendum as holidaymakers delayed decisions. This was compounded by the Leave vote itself and the subsequent fall in value of the pound.

“Regrettably, in these extraordinary conditions, the directors had no option but to place Lowcosttravelgroup Limited into administration.

“Whilst we have not been appointed over the foreign subsidiaries which deal with the group’s customers we are  aware that the directors of those companies are making all efforts to put useful and relevant information on the group website to assist customers to understand their individual positions.

“Lane Bednash and I, together with the director of the Spanish travel agency subsidiary, are planning to meet with the appropriate Spanish Regulators and Authorities to investigate what compensation may be available to customers who have lost money due to this collapse.”