Student travel company Usit Campus has gone into administrative receivership with the loss of 14 jobs at its headquarters in Oxford.

Nationally, the receiver has axed 341 of the company's 363 staff at its 46 offices. Only ten people remain at the company's St Aldates headquarters.

Administrative receiver Vivian Bairstow, of accountants Begbies Taylor, said: "Usit Campus was badly hit in the aftermath of September 11."

He added that the company, the second largest student travel company in the UK, had been making trading losses for about two years.

The collapse will affect hundreds of budget travellers. The Civil Aviation Authority has called on Usit Campus's £1.3m ATOL Bond to ensure customers with tickets on IATA airlines can fly, but people who have only paid deposits are being requested to contact the relevant airline direct.

Usit Campus, owned by Irish parent company Usit World, had a turnover of about £80m a year and focused on individual and group travel for the 18-26 age group.

Mr Bairstow said he was negotiating with a possible buyer for Usit Campus, believed to be rival budget travel group STA.

He said: "There is a good business here capable of revival. We believe the right purchaser would find the company an enticing prospect."

Usit Campus' website was yesterday advising customers to call 0870 240 1010 for advice.