The operator’s customer loyalty discount of £50pp is being granted to travellers booked to sail with All Leisure’s cruise lines Swan Hellenic or Voyages of Discovery in 2017.

The offer applies to bookings made with Cosmos’s three brands, Cosmos Tours & Cruises, Avalon Waterways and Archers Holidays.

Cosmos said All Leisure Group customers who were due to travel with either cruise line, could re-book the cruise, tour or beach holiday of their choice using the discount.

Chief executive Giles Hawke said: “To lose your carefully planned holiday at the beginning of the year is a real disappointment for those looking forward to the relaxation of an ocean cruise.

“As availability on cruises disappears fast at this time of year with all holiday companies running January sales, we wanted to help disappointed cruise passengers re-book as soon as possible.”

The CAA confirmed today (January 4) that All Leisure Group had ceased trading.

The authority said around 400 people were currently abroad, which it was arranging to repatriate.

It added that most customers would be able to use their scheduled airline tickets to return home, and that the CAA had made arrangements to bring the remaining passengers back to the UK.

Abta confirmed that the company, headed by chairman Roger Allard, had around 7,000 forward bookings with 13,000 passengers affected.

The association added: "Approximately a third of the future bookings are UK departing cruises that are financially protected by Abta.”

Andy Cohen, head of Atol at the CAA, added: "We understand this will be concerning news for anyone who has booked to travel with the company. However, the Atol scheme exists for exactly this kind of situation and we are making immediate arrangements so all Atol protected customers can claim full refunds as quickly as possible.

“We are also arranging for people currently overseas to get back home to the UK at no extra cost – meaning no-one will be left stranded abroad.

“So while this situation is very disappointing for the customers affected, it is also a timely reminder of the importance of remembering to check for Atol protection when booking holidays."