The news was announced on stage at the Abta Travel Convention 2016 and Abta chief executive Mark Tanzer told TTG he was “delighted” for its member.

Miles Morgan, of Miles Morgan Travel, said: “We only sell a small amount of Monarch but this is great news for the industry.

“Any business going under creates distrust in the industry so this is better for everybody.”

However Morgan added that now the investment is secured, Monarch must “clarify its place in the market”.

“You have Jet2 at one end of the market and Tui at the other, where is Monarch positioned?” he said.

Lee Harrison, of Malvern World Travel, commented on TTG’s online story: “As one of your [Monarch’s] loyal customers, I hope that Monarch Holidays get back to price parity and then you [Monarch] will have even more of our backing.

“Great news for everybody this morning, especially Monarch’s wonderful behind the scenes staff.”

Julie Kendrick, head of commercial and marketing at Midcounties Co-operative Travel, said she was “relieved”.

She said: “We had a contingency plan in place and we were open with Monarch about that.

“I don’t think we thought it [the company failing] would ever happen.”

Monarch Group chief executive Andrew Swaffield will travel to Abu Dhabi today to address Abta Travel Convention delegates.