It comes as the India-based firm expands into other areas following the recent acquisition of hotel booking site LateRooms from Tui Group for £8.5 million.

TTG has spoken to multiple sources, who have all confirmed that a sale is being explored

The first stage has been completed and a second round of bids is expected later this month.

Sources suggest that private equity houses are the front runners with

Cox & Kings looking to net around £30 million from the sale.

Cox & Kings declined to comment on the story.

According to the most recent set of accounts for Explore Worldwide Ltd, the company made a pre-tax profit of £2 million on turnover of £41.9 million in the year to the end of March 31, 2015.

In the company’s strategic report the directors said that higher margins had been achieved following an in depth review of the business in the previous financial year.

Explore came under Cox & Kings’ control in 2011 following the acquisition of its parent company Holidaybreak for £312 million.

The company was setup in 1981 by co-founders Travers Cox, Derek Cook and Derek Moore before being sold to Holidaybreak in 2000 for around £30 million.