In a statement the group said: "We deeply regret to announce that the lowcosttravelgroup (“LCTG”) ceased to trade on 15 July 2016, following exhaustive attempts by the group’s directors to rescue the group, which has been hampered by the recent and ongoing turbulent financial environment.

This notice applies to the following companies and brands:

1.Lowcosttravelgroup Ltd

2.lowcostholidays Spain S.L.

3.Hoteling.com part of Lowcostholidays Spain S.L.

4.Lowcostbeds.com A.G.

"On behalf of LCTG, the directors wish to profusely apologise for the inconvenience and distress that this will cause to our customers."

The group said the flight tickets of customers in resort who had booked flights and hotels would still remain valid. However it added: "You may be asked by the hotel suppliers, transfer suppliers and car parking suppliers (if you have booked these services) to pay them locally which you may have to pay & reclaim against

I.Your Travel Insurance provider (if you have travel Insurance)

II.Govern de les illes Balears (www.caib.es) who is the regulator of the Spanish Travel Agency.

III.Your credit card provider for services not received.

It would be advisable for you to keep all receipts of expenses incurred in order to claim a refund or compensation.

You should also register your claim at lowcosttravelspain@smith.williamson.co.uk"

For customers who have booked hotel accommodation only may be asked by the hotel suppliers, transfer suppliers and car parking suppliers (if customers have booked these services) to pay them locally which they may have to pay and reclaim against

I.Your Travel Insurance provider (if you have travel Insurance)

II.Your credit card provider for services not received.

It would be advisable for you to keep all receipts of expenses incurred in order to claim a refund or compensation.

You should also register your claim at lowcosttravelspain@smith.williamson.co.uk

For customers due to travel, the website has further details.

Meanwhile for the group’s bedbank side Lowcostbeds, the group warned that customers in resort may also be asked for payment.

In a statement the group said: "Your customer’s hotel accommodation may or may not have received payment from lowcostbeds A.G. (LCB) or the 3rd party supplier that made the reservation directly with the hotel.

"It is possible therefore that your customers may be asked for payment by the hotel before they leave. You may wish to contact the hotel directly to make payment or alternatively let your customer pay the hotel and reclaim from you. In either case you will then need to contact: lowcosttravelswiss@smith.williamson.co.uk in order to register your claim."

For those customers due to travel, it said no forward hotel reservations made via Lowcostbeds would be valid, and that customers would "need to make arrangements to re-book all  future reservations via another supplier".

Agents who have pre-paid LCB for future bookings have been asked to contact lowcosttravelswiss@smith.williamson.co.uk