PALMA, Majorca — The failure of Lowcost Travel Group over the weekend sent travel agents in the UK, Europe, Australia and beyond scrambling to rebook travellers.

Best known for lowcostholidays.com, the group operated several other travel industry interests including a bed bank, lowcostbeds.com A.G.

Lowcost Travel Group issued a statement saying it “deeply regret[s] 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.”

While there were rumours of the company’s imminent demise – a Lowcost travel agent posted on Facebook “The ‘told you so’s’ were right” – travellers were booking on the Lowcost Travel Group’s websites right up until the end, lured by a summer sale and 60% discounts. There were reports of in-resort vacationers being woken up by resort staff demanding payment.

Known as one of Britain’s biggest online booking companies, with more than Cdn$863 million in sales, the company moved its head office to Palma, Majorca and was no longer covered by the UK’s ATOL compensation fund.