The division, also known as the Ving Group, has been snapped up by Norwegian property tycoon Petter Stordalen’s Strawberry Group, along with private equity firms Altor and TDR Capital. Details of the deal were announced at a press conference in Stockholm.

Magnus Wikner, chief executive of Ving Group, said: “I am extremely pleased that Stordalen, Altor and TDR will become our new owners. Their long experience from the industry and financial strength will give us the long-term stability that we need as well as new opportunities to develop our offering in the future.

“The deal also means that the jobs for the more than 2,300 employees are secured. I would like to extend a big thank you to all our customers who have shown us tremendous support in recent weeks.”

Ving Group operates in the Nordic countries through brands such as Ving, Globetrotter, Spies and Tjareborg, as well as Thomas Cook Airlines Scandinavia.

Under the deal, both Strawberry Group and Altor each take a 40% stake in the new group, while TDR Capital will own 20%.