In 2017 Cook web bookings from the UK grew by more than 25% and more than 100 stores were closed, with Cook citing the growth in customers moving online.

“Together, we expect that these actions will help to return the business to its former profitable growth trajectory,” Cook said.

A total of 46% of holidays were sold via “ecommerce”. But independents accounted for around 15%, and chief executive Peter Fankhauser said: “We value those independent travel agents highly and we are taking good care of them.”

But asked whether he saw further store closures in the pipeline, Fankhauser said: “Our first priority is that we are following the customer needs, and it looks like the shift to online is even going faster than we thought.

“We have an increase of online bookings this year in the UK of 27% and this means we have to follow the customer – that we are where the customer expects us to be.

“That is still in the high street, but if we get that shift coming through then we have to manage those stores for profit.

“If the stores on a shop level are going to be unprofitable then we have to check whether we still want to have that store, or collate it or close it.”