According to The Times, the firm behind Thomson and First Choice could look to a separate stock market listing for a company including the likes of Hayes & Jarvis and Crystal.

The businesses are separate from Tui’s main tour operating division.

TTG reported in May this year that Tui was keeping its options open when it came to its bed bank and specialist divisions.

The Times suggested that the current head of the non-mainstream businesses Will Waggott had been tipped to lead a management buyout of the business with several private equity firms though to be interested.

Speaking after the company’s third quarter results, joint chief executive Peter Long said Tui was “still examining the options” and that it had “not yet come to any conclusions” about the non-mainstream businesses.

“We’re unlikely to do a full sale of it at this point as it’s a growing business,” he added.