"This is not a choice we have made lightly but the reality is that we cannot foresee a future that would enable us to trade our way out of Covid uncertainties," said the firm in a statement posted on its website.

"With the ending of furlough, and the lack of any tailored industry support, we have faced the reality that the future remains bleak for specialist tour operators without reliable income."

Only one out of the 11 destinations Ethos operated to is currently open to UK travellers. "As we face the prospect of uncertain future border openings and confused messaging, we have to accept that fundamentally we are a business without business," the company added.

"We know we have created many indelible memories for so many people, and feel an incredible sadness that we will not be there to make many more."

All bookings are Atol bonded, and Ethos confirmed in its statement it will contact customers with outstanding trips "as a matter of priority".

The CAA confirmed the company held an Atol up until 30 September 2021. All bookings and payments made after 31 October are not Atol protected.

The CAA posted on its website: "We are currently collating information from the company and will update this page as soon as possible."

It further advised any agents holding consumer payments which have not yet been paid to the company to not refund the customers until they have received instruction from the Air Travel Trust.

Agents will be individually contacted by the CAA with specific instructions for these bookings, said the authority.