Zurich-based STA Travel Holding AG, which is part of Diethelm Keller Group, said an external administrator would take over the running of the company in the next few days and “determine next steps”.

Youth and student specialist STA Travel currently has 52 agencies in the UK. STA Travel Holding said “local day-to-day” STA Travel operations “may continue” despite the insolvency proceedings.

STA Travel UK added in a statement: "Following the decision to place STA Holdings, the parent company of STA Travel, into administration each division’s Country Manager and leadership team is now reviewing its own position. Further information will be confirmed as soon as this is finalised."

STA Travel Holding blamed the Covid-19 crisis for bringing “the travel industry to a standstill”.

"Over recent months, the company took decisive measures to secure the business beyond Covid-19,” said the company in a statement.

“However, sales have not picked up as anticipated, due to consumer uncertainties, further restrictions and renewed lockdown measures, which are expected to largely continue into 2021.

“While the parent company STA Travel Holding AG in Switzerland is affected, local day-to-day operations by STA Travel may continue around the world.

“STA Travel Holding AG very much regrets to not have been able to secure the future of the business under these unprecedented circumstances."