The Surrey-based company, which also traded as Hidden Turkey, and sold villa as well as hotel packages has ceased trading with immediate effect.

The CAA is now working with overseas hoteliers and airlines to allow customers in resort to complete their breaks before heading home.

The CAA added all future outbound flights on behalf of the operator have been cancelled and no further flight tickets or accommodation bookings will be honoured.

Customers who have booked by a travel card should contact their card issuer while anyone who has paid by any other method will need to make an Atol claim.

In its most recent accounts, for the year ended October 31 2014 showed the company had a turnover of £10.8 million, but post tax profit of just under £103,000. In 2014 it was awarded best specialist tour operator in The Times Travel Awards.

The collapse comes after a tough summer for Turkey with many in trade reporting consumers have been put off travelling to the country because it shares a border with war-torn Syria.

A spokesperson for the operator said: "Everyone is devastated. We’re trying to get in touch with guests who were hoping to go out this week and let them know what the situation is.

"It has been a tough year for Turkey."

My colleague ttg luxury editor April Hutchinson who travelled with the operator this summer had this to say: "It’s always sad to hear when a travel company ceases trading, with the impact felt among staff here and in resort.

"Having travelled with the company just in June, to Kalkan, it’s even sadder to hear, as I know personally how passionate their staff on the ground are and the team in the UK, having been a dedicated specialist for so long to Turkey.

"Their concept of flying passengers from the private jet terminal at Stansted and working with a range of smaller, charming hoteliers seemed a winning formula. But with perception shifting of Turkey as a destination with regard to safety, it seems Exclusive couldn’t ride out a dip in bookings during peak season."