The collapse of the Shannon-based airline EUjet will lead to 50 job losses in the west of Ireland and a further 150 in the UK.

Speaking yesterday, a day after the company suspended all flights and went into administration, commercial director Stuart McGoldrick said he was "extremely disappointed" by the events.

The airline was forced to call in administrators after the collapse of its parent, Planestation of the UK.

"We were absolutely snookered. It all happened so fast, we had no time to stop it," he said.

About 10,000 people in Ireland and a further 90,000 in the UK had already made bookings with the airline, which until this week operated eight flights a week from Shannon and a daily service between Dublin and Kent in southern England.

Mr McGoldrick said all those who paid by credit card, which is about 98 per cent, will be able to claim a refund from their credit card company.

He said the company is in talks with the banks about whether it will be possible to refund the small percentage who paid by debit or Laser card.

Planestation said last month that EUjet would carry fewer passengers than forecast this year and therefore require more cash. On Monday, the group's banks refused to provide any more funds.

Mr McGoldrick, whose father set up the airline in 2002 before selling out to Planestation last September, said the slowdown in passenger numbers could be attributed to the difficulties in setting up a passenger service from Kent airport which had no recent history of passenger operations.

One of EUjet's five planes was impounded by Edinburgh airport on Monday evening after news of the financial difficulties spread.

The remaining four planes are at a facility in France awaiting collection by the leasing company, according to Mr McGoldrick.

In bankruptcy cases such as this, it is commonplace for airport authorities to seize planes in lieu of money owed. Mr McGoldrick could not confirm how big a loss EUjet made in its last financial year.