The money, said Tui, would be used to "cushion the unprecedented effects" of the ongoing coronavirus pandemic.

The loan was committed by the German government on 27 March as part of its Covid-19 state support programme, and signed for on Wednesday (8 April).

"Following the international travel restrictions, Tui decided to apply for the KfW loan in order to cushion the unprecedented effects of the pandemic until normal business operations can be resumed," said the German travel giant in a statement issued on Wednesday.

"Tui, like others, [has] had to temporarily suspend its tour operator, flight, hotel and cruise programmes. Tui is a very healthy company that was economically successful before the crisis – it has a strong strategic positioning, structure and substance. The current financial year 2020 had started off with extremely strong bookings."

Late last month, Tui announced it would furlough 11,000 of its 13,200 UK employees, including 99% (4,455) of its frontline retail staff after its stores closed owing to the Covid-19 outbreak. Teams remain on hand to support company contact centres, as well as third-party suppliers and agents.

Tui cabin crew staff, meanwhile, are set to turn their hand to efforts to alleviate the impact of the virus on communities across the UK, such as volunteering for St John Ambulance.

Fritz Joussen, Tui chief executive, said: "Our employees are rightly proud of Tui’s success in recent years, and they should continue to be in the future. We must bridge this unprecedented global situation.

"The German government has acted quickly to support jobs and companies during these exceptional times.

"We are now preparing intensively for when our operations can resume after the coronavirus crisis and firmly believe people will continue to want to travel and explore other countries and cultures in the future.”