Commercial director Sutton, who joined PTS in January 2020, takes over from Daniel Landen, who will move into a chief executive post.

He will retain an "active role" in the firm’s operations, PTS said in a statement. The business said Sutton had played "pivotal" role in PTS’s growth and development over the past 18 months. 

"It is a huge honour to have been appointed managing director of Protected Trust Services, especially at such an exciting time for the company," said Sutton.

"PTS has ambitious plans for the coming years and the positive management changes will assist in accelerating PTS’s continued growth.

"I am thrilled to have a fantastic team and I know that together we will continue to offer increased support to both our existing and future members.”

Landen said: “The PTS board have devised a strong strategy for the future development of PTS to ensure continued growth and success for both the company, and most importantly all PTS members.

"With trust accounts, specifically the PTS trust account, proving to be increasingly popular with UK travel businesses, 2022 is a key year to implement effective infrastructure changes. It is an exciting time for PTS, our whole team and our members."

He added: "I am delighted Mark has accepted the role of managing director and I am confident we will build on our current growth [and] drive our strategy forward."