The group announced this morning it was launching a “strategic review” of the airline arm.

Speaking on a call with the media this morning (February 7), boss Peter Fankhauser said: “We want to grow faster for our core strategy and I want to reiterate that the review is at an early stage… our group airline is a great business.”

It has just more than 100 aircraft flying 20 million customers a year, with just fewer than half of its seats committed to the tour operator.

“Thomas Cook doesn’t need to own an airline outright to be a successful holiday company and we will retain strong commercially led relationships in any situation that comes up,” said Fankhauser.

“Having [use of] a reliable, good quality airline is an important part of the holiday experience, and that will always be the case.

“We are considering all options… this process is about giving us greater flexibility to push harder and faster on our core strategy.”

Asked how Thomas Cook would ensure it retains enough airline seats for its tour operating business in the future, Fankhauser added: “We are used to considering our tour operating and airline businesses as two separate entities and have strong relationships and commercial agreements.

“That will still be the case going forward.”