The dissolution of the nine-strong agency comes after two decades of consultancy under the leadership of MD Geoff Saltmarsh.
Set up in 1990, the agency's current clients include the Taiwan Tourist Bureau and Discover Dominica.
Saltmarsh won the Air France account from Consolidated PR in January.
Fellow travel consultant Rooster MD James Brookes said the news had ‘come out of the blue’.
‘It’s a shock for the travel sector and specialist agencies – Geoff and Saltmarsh are very well respected. They’re a good comeptitor to us and they’ve had some good wins over the years.’
Susie Tempest is head of PR at Hills Balfour and worked at The Saltmarsh Partnership for seven years.
She said: ‘I’m saddned to hear what has happened. They were a great company led by a fantastic MD with great people in the team.’
Geoff Saltmarsh confirmed the liquidation but declined to comment further on the circumstances behind it.