Over 50,000 holidaymakers will have to rebook their summer holidays thanks to the collapse of Goldtrail, a UK budget holiday tour operator.

The demise of Goldtrail, a medium sized company, has left tens of thousands of British holidaymakers stranded in Turkey and Greece.

The Greece and Turkey specialist was based in New Malden, Surrey. They went into administration on Friday leaving an estimated 16,000 customers abroad and scuppering the plans of a further 50,000 summer holidaymakers's plans.

Some holidaymakers paid money for trips as late as yesterday when the holidays were already cancelled. Holidaymakers were waiting at Gatwick to board a plane and had to spend more money to get-away.

According to the CAA there are no more outbound Goldtrail flights and customers are advised to check with their travel agent before setting off to the airport.

Flights from Turkey are unaffected but holidaymakers in Greece were warned by the CAA to expect changes.

Those that have yet to travel may not get their holiday but if they are ATOL protected they will get their money back but it may take months for money to be refunded.

Earlier this year CAA had predicted that smaller tour operators could find it difficult to stay in business and there have been rumours for several months that Globetrail may end up being a casualty.

In a statement issued on its website, the aviation regulator said: "The CAA has taken steps to protect customers booked with Goldtrail Travel Limited after the company ceased trading.

"The CAA, under its ATOL (Air Travel Organiser's Licensing) scheme, is making arrangements for customers abroad to travel home at the end of their holidays." 

XL went into administration in 2008 leaving 60,000 stranded abroad and the recent ash cloud debacle dealt a blow for the travel industry.

A CAA helpline has been set up to give further information: 0203 441 0846

What to do if your airline goes bust? Read our guide.

17 July 2010