Sara Zimmerman, chief executive of the escorted tours specialist said Travel Department was “delighted” to receive MML’s backing, with the agreement expected to be finalised before the end of March subject to regulatory approval.

“The MML team shares our vision for the future of the business and is very keen to support our growth ambitions in both markets,” she added.

Travel Department offers guided group holidays to more than 100 destinations worldwide.

In a statement, the business said it expected to record revenue of more than €40 million for 2017 from the UK and Ireland combined and MML’s cash injection would “continue to drive significant growth”.

Neil McGowan of MML, said: “MML is delighted to partner with Sara and her team in Travel Department.  We are backing a market-leading business led by an experienced team with a very strong understanding of the market and their customers”.