Kent-based Buzzlines Travel ceased trading on Monday (1 July) with immediate effect.
It has entered insolvency and cancelled all trips, saying it is unable to fulfil its commitments.
Operated for 30 years, Buzzlines lost more than £3 million in the financial year ending March 2018.
Director Lynn Woods says the owner had invested an ‘enormous’ sum in the last eight years.
He says: “Buzzlines’ customers, for both individual holidays and day trips, are protected by insurance and will receive refunds. That doesn’t mean they shouldn’t be upset and disappointed, just as we are.
“There are a lot of reasons for Buzzlines’ demise; the owner has invested an enormous amount of money in the last eight years to try to sustain it.
“But the squeeze on travel businesses has become unsustainable for many smaller operators and for all our efforts we simply can’t continue to manage rising costs, currency decline, political mischief and reduced margins.”
A statement on Buzzlines’ website says: “It is with deep regret that we must inform you that Buzzlines Travel has ceased trading and is unable to fulfil its commitments whilst entering in to a formal insolvency procedure.
“The difficult decision to cease all trading activities has become necessary to comply fully with the responsibility by law as company directors.
“Anyone who has booked to travel with Buzzlines Travel from 1st July 2019 will be contacted in due course by the appointed insolvency practitioner.”
