Despite the shock announcement, it is thought that the firm has been facing financial difficulties for several months

“Student Adventures unfortunately and with regret had to cease trading on the afternoon of Thursday 28th August when it became apparent to the board of directors that the financial health of the company was such that it couldn’t reasonably meet the expectations of its creditors,” a statement on GBCE’s website reads.

GBCE has issued assurances that around 100 students who were abroad when the announcement was made, the last of whom are due to return from Nepal on 18th September, “are experiencing their adventures as expected” and that their flights have been fully paid for.

However, all flights departing on or after 28 August have been cancelled, fulfilling a legal responsibility to reduce creditors’ losses, according to Events Director, Jock Wright.

It is unclear how many students have been affected, but according to the Meningitis Research Foundation, which says it is working to find alternative arrangements for prospective travellers, 125 fundraisers for the charity were due to travel with Student Adventures in September alone.

“Participants departing today were informed last night by email and text that everything has been cancelled down. This will be true of every group from today forward,” Wright said in a statement. “Under a managed process by [accounting firm] Smith Cooper the liquidation process will be concluded and creditors where possible will be reimbursed.”

Around 40 students from the University of Nottingham received messages informing them of the cancellation while checking in at London’s Gatwick airport en route to Mount Kilimanjaro.

Calls to the phone number on Students Adventures’ website redirect to a messaging service saying it is no longer working with the company

“We are unable to provide any services for you as a customer of ours whilst you are in-country in Tanzania,” the message read. “We are deeply sorry that we have not been able to meet our commitments to you and it was our honest intention to fulfill [sic] our service and obligation to you.”

Despite the shock announcement, it is thought that the firm has been facing financial difficulties for several months. It did not renew its licence for the ATOL consumer protection scheme for flights and holidays with the Civil Aviation Authority (CAA) after it expired in March this year.

According to the CAA, clients who booked before the 31 March 2014, when GBCE’s ATOL licence expired, will be eligible for a refund on accommodation and travel. It does not believe that any bookings were made after this date.

Students who have yet to travel have been warned by the CAA and by student unions that if they decide to go ahead as planned it will be at their own risk.