Thomas Cook has put the future of its airline under review after falling bookings and a price war for holidays led the troubled tour operator to report widening losses.
The strategic review could lead to a sale of the profitable airline, which could be worth as much as £1 billion and hand the group much-needed cash to plough back into its highly indebted business.
Thomas Cook owns 103 aircraft and flies 20 million customers to 120 destinations worldwide each year. In its most recent financial year the airline made pre-tax profits of £129 million on revenues of £3.5 billion.
The group started life in 1841 as the operator of a rail trip from Leicester to Loughborough for a shilling a head. It is now one…