Holiday Malta meanwhile will remain under its current ownership, with Dean Jones as chief executive. A separate announcement regarding that business “will follow soon”.

Privately owned Logitravel operates in 33 markets and is one of Spain’s largest travel groups, while Magic Rooms was founded by former Thomas Cook group chief executive Manny Fontenla-Novoa in 2014 and grew to become a major accommodation provider.

The aim is for Logitravel to provide Magic Rooms with access to 20,000 directly contracted accommodations, and that through agreements with suppliers, another 300,000 properties will be added to the portfolio “making it one of the largest product offerings in Europe”.

Magic Rooms will become Logitravel’s B2B brand in the UK market and Fontenla-Novoa will assume the role of chairman, with John Drysdale as chief executive.

Magic Rooms will continue to be UK based and will retain all of its current sales, operations and support functions based in the UK.

Fontenla-Novoa said: “The time is right for us to continue the journey we started in 2014 and we are all very excited about the future prospects as a part of a larger organisation.

“Like Magic Rooms, Logitravel has built a strong reputation which has fuelled its rapid growth and we and look forward to working even closer with our partners in the UK and overseas.”

Drysdale added: “In this rapidly changing landscape, Logitravel will provide Magic Rooms with an even wider range of product, improved financial strength and leading edge technology, all of which will help the business become one of the UK’s leading accommodation providers.”