Cook’s pilots have also agreed not to begin a three-day stoppage on October 12 and a four-day strike from October 19.

Cook and the British Airline Pilots’ Association (BALPA) have agreed to enter binding arbitration to end the dispute between the company and its pilots over pay and conditions.

A BALPA spokeperson explained: "This means it will now be the arbitrator that decides what award is made, based on the respective last positions in negotiations."

The pilots have already held one 12-hour and one 24-hour strike after the company failed to put forward an acceptable offer and nine days of ACAS talks proved fruitless, with both sides locked in stalemate.

Brian Strutton, general secretary of pilots’ union BALPA, said: “Our members voted to end this dispute by binding arbitration, which Thomas Cook has now agreed to. I am pleased that we have been able to find a peaceful way of resolving the pilots’ pay dispute without further disruption to passengers.”

A Cook spokesperson added: “Following the decision by BALPA members and Thomas Cook to go to arbitration, all future strike dates have been cancelled.

“We remain keen to resolve this dispute in the interests of all involved and we will now focus on proceeding with the arbitration process.”