The Kuoni Group saw revenues fall 2.8% to £3.7 billion during 2014, which it attributed to a “challenging business environment”. The drop in operating profit left it making £57.4 million, giving it a margin of 1.6%.

The group’s chief executive insisted that he remained confident it would complete the sale of its tour operating division this year, with a number of suitors reportedly already expressing an interest.

“Obviously, as a player in the market, we always have a list of people who are potentially interested in those businesses. But I think we didn’t want to limit ourselves to our knowledge, or the knowledge of some of our advisors,” said Peter Meier.

“We clearly want to have an open process so we are in the process of talking to interested parties.”

At the time of the announcement back in January it was unclear whether Kuoni would be willing to split up the division or sell as a whole.

A spokesperson has confirmed to TTG that both options remain on the table but that there is no intention to divide the individual country units.

Financial services firm Morgan Stanley has been instructed to sell the business and the information memorandum is due to be distributed in the coming weeks. Interest has already been generated by the release of a so-called teaser to “financial and strategic investors”.

“Some of them approached us, some of them have even been vocal in the Swiss press, some of them want to be very, very quiet, some of them we approached or Morgan Stanley approached,” Meier said.

Rival tour operator Hotelplan has been touted as a potential buyer for the Swiss tour operating business and there is also speculation that Thomas Cook could make a move for the Scandinavian business.

“I think the Scandinavian part of Kuoni makes an awful lot of sense for Cook. I believe it is looking at it seriously,” said Mark Farlow, partner at Catalyst Corporate Finance.

“My guess is that the whole of Kuoni tour operating is too large to be a digestible bite for any trade player. I think Cook and maybe others will have nibbles at parts of it… and that will leave private equity to come and take on the bulk of what’s left.”

However, Katya Thomson, a consultant at boutique corporate finance firm McQueen, said: “Thomas Cook has already a good position in Scandinavia so… personally I can’t see it.”