The event, which draws visitors from around the world to Aberdeen, incurs losses of around £1m, according to CEO James Watt.

In an email to investors, the firm said it will instead hold the event in its own bars in 2023, with Mr Watt arguing that the move would help support the company’s bars during a difficult time for the hospitality industry, Aberdeen Business News reports.

The e-mail read: “In 2023, our AGM will be held on April 22, in all of our bars. We want to use our amazing network of bars as global hubs to being our community together on what is always our most important day of the year.

It continued: “The Aberdeen AGMs are always very expensive to host, events are not our core business and more often than not we have to pull in agency staff. This then means we often end up delivering suboptimal experiences to our community.

“Our 2023 experiment will hopefully ensure amazing experiences, delivered by our own team in our own world-class venues as we bring our community together all around the globe. From Berlin to Aberdeen and from London to Columbus.”