In April, Hays Travel chief operating officer Jonathon Woodall-Johnston told Independence Group (IG) members how the agency would always try and support businesses it worked with. 

“If you need financial or resource investment, we will [give you that]," he said at the time, adding: "We’re in this together.”

Now Hays Travel has invested in the US specialist operator, which is a member of Hays Travel Independence Group. The investment means Ocean Holidays has refinanced its Covid debts 15 months early. 

Hays has taken a 35% equity stake in Ocean Holidays in a move centred on the repayment of convertible loan notes totalling about £10 million including interest.

The operator, though, stressed Hays will have no day-to-day operational role following the investment and its four founders will remain its majority shareholders.

Harry Hastings, Ocean Holidays’ co-founder and co-chief executive, said: "This is an exciting next step for the company as we build on an incredibly strong foundation.

“The support made available through the IG network gives us the flexibility to grow on our own terms, while maintaining control as one of the largest, independent owner-managed tour operators in the UK.”

Woodall-Johnston said: “Our investment will help Ocean Holidays stabilise and develop as a business. 

"As pledged at our UK Independence Group Conference in April, we are committed to helping businesses in our consortium grow and succeed." 

He added: "This could be by offering legal or logistics support to help members to realise an innovative idea, or – as with Ocean Holidays Group – by providing financial support.”