WARNING -- Low Cost Holidays company

Those hit include 27,000 people already abroad, and a further 110,000 who have booked but not travelled yet, according to administrator Smith and Williamson. Many flight bookings should still be honoured - it's those with hotel bookings that will be hardest hit.

In statement on the Lowcosttravelgroup website the company says the move comes "following exhaustive attempts by the group's directors to rescue the group," blaming a "recent and ongoing turbulent financial environment".

The collapse affects anyone who has booked with the Lowcosttravelgroup Ltd, Lowcostholidays Spain, Hoteling.com and Lowcostbeds.com A.G. brands. The group was based in Spain after moving from the UK in 2013.

Here we explain your rights if affected. This story broke late on Friday afternoon - this is the information we have currently but we'll update this story when we know more, which is likely to be Monday.

I'm already on holiday with Lowcostholidays - what will happen to me?

Your flight rights. You should have your flight tickets which remain valid, according to the administrator.
Your hotel and other rights. You may be asked by your hotel, or any transfer or car parking companies you've used, to pay them locally - even if you've paid Lowcostholidays for this. Keep receipts in case you can claim back from your travel insurer or credit card firm.
Smith and Williamson says those who booked a combination of flight and hotel can also try to reclaim from Govern de les illes Balears (www.caib.es), the regulator of the Spanish travel agency. When we know more about this, we will update you on what you can do next.

Thanks for the warning. Will be sure not to book with these shysters now.