Loughton-based online agency Ola Holidays has ceased trading with around 500 customers overseas.

Notice was served to the courts at 2pm on Wednesday and around 30 staff were informed shortly afterwards.

The CAA confirmed the company, which was described as “a traditional flight-plus Teletext agency”, had ceased trading and that the authority had “signed the notice of failure”.

Ola Holidays’ core business was flight-plus holidays to Spain.

A CAA spokesman said it was now “proceeding with repatriation and forward bookings” and confirmed that there were about 500 customers abroad at the time of the failure and about 1,500 forward bookings.

He told Travel Weekly: “We are just making sure that everyone overseas can stay in their hotels and we are also planning to make sure that everyone booked to travel will still be able to go.”

Travel Weekly was unable to reach Ola Holidays managing director Richard Knight but a notice on the company’s website confirmed it had ceased trading and customers should contact the CAA for further information.