Addressing the Hays IG conference in Birmingham on Monday (October 3), Dame Irene said: “John always talked about a partnership in profit. Our focus has always been on trying to create the best profit opportunity for you.

“For me, since John died, the partnership has been much more profound.

"Many of the changes that we’ve made, the things we’ll cover today, have been as a direct result of my partners in this room who, when John died, stepped up to the plate and offered me advice, guidance and support.”

Dame Irene said this meant that each of the Hays IG businesses – “with a handful of exceptions” – have gone from strength to strength.

“If you just look at the level of debt in this country, people are bent double and you have to sell a hell of a lot of holidays to reduce debt,” she said.

“So for me, the partnership that we have in this room – it’s not just about profit, it’s about helping each other to be the very best that we can be.

“And you have helped me since November 2020. So a big thank you.”

Last week, Adam Sebba, Nicholas Priest and Ed Hicks – co-founders of The Luminaire – became the second recipients of the John Hays Entrepreneur of the Year Awards at the Travel Industry Awards by TTG.

The accolade was established last year at the inaugural Travel Industry Awards by TTG in honour of the John Hays, in agreement with the Hays family, and was awarded to Panache Cruises founder James Cole.

Earlier in the conference, Hays Travel chief operating officer Jonathon Woodall-Johnston revealed the business had handed back the Covid contingency loan facility it took out last year unused.

Meanwhile, IG Group head Natasha Marson urged members "not to sell themselves short" by discounting during too readily to the detriment of margin, especially while the group was achieving its targets.