Thomas Cook, one of world’s largest travel groups plans to sell its airline business.
The group announced on Thursday, it has been in internal discussion to sell the airline sector to increase financial flexibility and concentrate on its core strategy.
With a fleet of 103 aircraft, Thomas Cook ranks as Europe’s eleventh-largest airline, carried 20.3 million passengers in the financial year ending Sept 30, 2018.
During a first-quarter earnings call, Thomas Cook Group CEO Peter Fankhauser said the strategic review of the group’s airlines will consider “all options to enhance value to shareholders and intensify our strategic focus,” though he stressed the review process remained at an early stage.
Thomas Cook’s airline division generated £3.5 billion ($4.5 billion) in revenue in the last financial year and an underlying operating profit of £129 million.