Dutch charter airline Transavia is being transformed into a low cost airline, requiring a 15% cut in costs, chief executive Matthijs ten Brink has told staff in an email.

The cost cuts are needed to ‘keep ticket prices competitive’, Ten Brink said. The company has declined to give any further information about the plans.

The new approach means Transavia will compete directly with airlines such as Ryanair and Easyjet and lessen its reliance on traditional holiday destinations. More details will be announced on September 8.

Transavia is owned by Air France-KLM and operates from all five Dutch airports: Schiphol, Rotterdam, Eindhoven, Maastricht and Groningen.