The group has sold a majority (53%) stake in the airline to German investor INTRO Aviation. Tui will retain a 27% minority stake and Corsair’s Employee Benefit Trust a 20% stake.

Corsair’s fleet included three Boeing 737-400 aircraft, two Airbus A330-200s and two A330-300s.

The operator said Corsair “was unable to delivery any synergy effects for Tui group”, including its tour operators and cruise lines.

Chief executive Fritz Joussen said the move was part of Tui’s ongoing efforts to trim “non-core business areas” and invest instead in more profitable arms of the business, such as its hotel and cruise divisions, and “holiday experiences” in-destination.

Tui added in a statement its 2014 merger process had successfully repositioned its focus on becoming “the world’s leading integrated tourism group” focusing on hotels, cruise ships and destination activities.

“This strategy resulted in the sale of numerous non-core subsidiaries and it has increased the group’s leeway for comprehensive investments in hotels, ships and digital platforms in order to strengthen its future business,” the statement added.