The company is seeking a new arrangement with its landlords, which could amount to some £144 million in temporary rent cuts.

Its owners, which include several US funding houses, filed a company voluntary arrangement (CVA) on Wednesday (3 June).

This would allow it to force through its proposed rent cuts if a resolution cannot be reached amicably.

Travelodge is not proposing to close any of its 564 sites, and has vowed to protect thousands of jobs.

It expects to lose around £350 million in revenue this year owing to the coronavirus crisis.

"The Covid-19 outbreak has had a significant impact on the broader UK economy and the hospitality sector in particular," said the company.

"The impact of Covid-19 is also expected to continue into 2021. This unprecedented reduction in revenues continues to significantly affect the short-term performance of the business, which normally generates approximately 70% of its annual profitability from April to September."

Besides saving £144 million in rent, the CVA also seeks another £240 million in shareholder support in the form of a new £60 million credit facility, up to £40 million fresh investment, and permission to utilise a "significant" portion of the business’s £100 million cash reserves, as well as draw down an existing £40 million credit facility.

Creditors will vote on the CVA proposal at a meeting on 19 June.