Founder and chairman Gooley said the firm was faced "overnight" with the task of repatriating 20,000 clients while refunding a further 30,000 due to travel in March and April.

To date, Trailfinders has processed refunds for 100,000 people totalling £115 million.

"The scale of the impact on travel caused by the pandemic makes the 2010 volcanic eruption of Eyjafjallajokull seem like a picnic," said Gooley.

He further revealed Trailfinders has been forced to dip into its own cash reserves to the tune of £30 million to "bridge the gap" for clients with airlines and some other supplies proving slow to refund pipeline monies.

"At the extreme, some airlines have said refunds will take a year, and others are in administration," said Gooley. "Trailfinders have covered this shortfall from our own pocket."

Gooley also addressed the impact of the pandemic on administrative operations, and how the business was steadily making progress.

"Although hampered by not having the use of our offices, we have for several days now been refunding within 14 days of a request," he said, referencing the business’s obligation under the Package Travel Regulations.

"Of course, when these rules were penned, the complete shutdown of all travel could never have been contemplated.

"We continue to take bookings for 2020 and 2021, typically with just a 10% deposit and Trailfinders financial protection as standard."

Trailfinders is the UK’s 12th largest Atol holder, with a licence to carry 282,680 passengers.

Unlike some of the UK’s larger Atol holders, it operates a trust account model.

The firm switched its trust account and Atol away from Abta to the Travel Trust Association in October 2018, becoming the TTA’s largest member.