Chief executive Fankhauser told TTG that he expected more demand for Atol-protected trips following Lowcost’s failure earlier this month.

“In this situation, it’s not only from protecting the consumer on Atol. In this volatile environment, we are taking care of our customers,” he added.

“We give the security of Atol and give the security in the destination – we have the whole care package. We are excellent in caring for our customers.”

Lowcost did not operate under the UK system of Atol protection after moving its business to Majorca three years ago, and was instead covered by the Balearic island’s form of consumer cover, which only has limited funds.

When asked about the impact of the Lowcost collapse on Cook’s UK business, Fankhauser added: “We see less [advertising] spend on the web – that’s what we see immediately.

“We pay less for certain ads because there is less bidding. Otherwise, there has been no big impact from Lowcost.”