The operator now requires deposits of £59pp for all packages, including the £2.50 Atol protection contribution (APC), while accommodation-only bookings now have deposits of £59pp.

Olympic is also requiring a deposit of £200pp, including APC, for island-hopping bookings, while flight-only sales have to be paid in full on booking. The changes came into effect from September 3.

Michael Vinales, Olympic’s director of sales and revenue, said: “We have introduced this change to simplify our existing structure as we move to becoming a more flexible travel company.

“We continue to have price parity and our terms and conditions to agents and those making direct bookings will remain unchanged.”

Olympic’s payment policy will remain unchanged with all payments having to be made 12 weeks in advance of travel.

Cancellation policy, which requires customers who cancel their holiday up to 12 weeks before travel to pay for the full cost of the flight, is also unchanged.