Budget online travel operator Lowcostholidays went bust on Friday evening - affecting thousands of Irish customers' summer holiday plans.

A statement on its website reads: "We deeply regret to announce that the lowcosttravelgroup ("LCTG") ceased to trade on 15 July 2016, following exhaustive attempts by the group's directors to rescue the group, which were hampered by the recent and ongoing turbulent financial environment." Reports suggest that the company currently has 27,000 customers overseas on holidays, and a further 110,000 who have booked trips for the future. Lowcostholidays mostly has a UK clientele, but its Irish outlet - which started operating in 2010 - is believed to have 15,000 people that are likely to be directly affected by its closure. Conor Pope, Consumer Affairs Correspondent of the Irish Times, says that those who have booked a holiday with the firm but have yet to travel "will most likely have to rethink their holiday plans". He adds: "While confirmed airline tickets will remain valid as it has been paid for upfront by the company accommodation will not as the accommodation providers in most cases will not yet have been paid." As late as Thursday night, the firm was still offering sales on its Facebook page: Accountancy firm Smith & Williamson, who have been appointed as administrators, said the company’s closure:

"...would affect many customers who have purchased flights or holidays, some of whom are on holiday in resorts and some of whom have not travelled as yet. All flights as regards those currently in resorts have been paid for and hence customers will be able to fly home when their holidays are over.” “Unfortunately, as regards customers who have not travelled, a small number will have problems as regards their flights not having been paid for, and many will have problems as regards their hotel rooms not having been paid for."

The Guardian reports that in 2013, red flags were raised when the travel company re-located to Spain, which then exempted it from offering Atol protection to holiday bookings. For anyone who has booked with Lowcostholidays, this site has information about what to do next.