The company, which has more than 30 high street stores around the UK and Ireland, made a record pre-tax profit of £45.7 million for the financial year ending on 29 February 2020, according to accounts submitted to Companies House.

Trailfinders founder and chairman Mike Gooley said the impact of the Covid-19 pandemic “only reduced the last few weeks of profit” for the previous financial year.

“But a profound effect will be felt in the current trading year, with already over 150,000 contracted travel plans now annulled,” he added.

“However, our traditional culture of trust accounting, together with prudent stock piling of immense free cash reserves, shield us to the extent we can trade as usual for at least two years without commission income or needing to borrow against our substantial freehold portfolio.

“A position of unparalleled strength, which together with the widespread winding up of weaker agencies, will see Trailfinders return to substantial profit in 2021.”

Gooley said that Trailfinders had expanded “organically with no new investment or any borrowings over the last 35 years”.