A number of cancellations have forced Banks Sadler to make redundancies.
Banks Sadler chief executive Leigh Jagger said the agency had entered into consultation with staff and the number of redundancies was yet to be determined.
The agency would announce the number of job losses on 17 February, said Jagger.
"We had been faring quite well and had managed to rejuggle our staff, but we took some big cancellations two weeks ago," she said.
Banks Sadler has 89 employees in London, 39 in York, three in Germany, three in Poland and four in Paris.
It was awarded Gold at the Eventia International Awards on Friday for Best Incentive Travel Programme - Short Haul for its work with pharmaceutical firm Lilly.