Pre and post-cruise excursion provider Shorex Travel has ceased trading.
Shorex was set up by Tom Allen and Doug Mathieson, both ex-Cadogan Holidays.
Allen said: "While the whole area of cruise repackaging, particularly adding pre and post cruise add-ons, is growing strongly within the cruise industry, agents are still primarily focussed on selling the basic cruise and flight packages.
"Consequently it has proved impossible for us to get up to required booking levels at this stage in the development."
Allen said most agents would still be holding customers' money and would be able to rebook with other suppliers.
He added: "With stronger funding we could have sustained the business until we reached profitable levels. However, in this very tough economic downturn it has proven impossible for us to carry on.
"I would like to thank travel agents for the fantastic support they have given us, and I deeply regret any disruption this may cause, and also the upset this has caused to our fantastic staff."
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