A company statement said the brands had been “severely impacted” by the Covid-19 crisis and had taken the step to “ensure both businesses maintain their positions as leaders in the UK luxury market for years to come”.

The consultation process began on 8 July.

Managing director Kerry Golds said although A&K had taken action “to reduce costs wherever possible”, including utilising the government’s Coronavirus Job Retention Scheme, the strategy had not been enough in the face of reduced consumer demand.

"As a result, we have made the difficult decision to make reductions across both businesses,” she said. 

Golds added: “I have been incredibly proud of the way that all our staff, both those working and those on furlough, have approached the last few months with support and commitment to the business.

"As we move into the recovery phase of this crisis, our aim is to redefine the structure of the business for the future, preserving as many roles as we can, and supporting everyone, both professionally and personally, during these challenging times. 
 
"Our vision for both brands remains unchanged, and we will continue to deliver the excellent service and outstanding travel experiences across our tailor-made, escorted small group tours, beaches and villas portfolios.
 
"The global Abercrombie & Kent group is better placed than many to deal with the impact of Covid-19, but we must adapt to ensure its future and I have every confidence that when the tourism industry recovers the Abercrombie & Kent and Cox & Kings brands will continue to lead the way."