Fosun was Cook’s largest single stakeholder in Cook when the group collapsed in September 2019, and acquired the brand for a paltry £11 million just a few months later.

However, it has enjoyed relatively low marketing investment since then. Cook and Fosun have so far declined to comment on reports the brand could be sold.

Cook is an iconic legacy brand, which has been in operation nearly two centuries, once holding a dominant position in the UK high street travel agency market.

While the industry still bears the scars of its collapse, few customers now remember the details of – and fallout from – its bankruptcy following the outbreak of Covid-19, which halted travel worldwide.

The Cook brand still enjoys significant recognition; however, it currently faces limited consideration after its rebirth as an online travel agency.

This situation could be swiftly addressed, though, if the brand were to be acquired by a major international travel giant with ambitions to make a substantial entry into the UK market.

Acquiring the Thomas Cook brand would bring ample advertising resources and pre-existing technology infrastructure that could be customised to cater to the specific requirements of the UK market.

Establishing a presence in a different source market is appealing due to global accounting policies that permit the cost of travel acquisitions to be capitalised and concealed in the acquired balance sheet.

Concurrently, profits from these acquisitions are instantly integrated into the combined group’s profit and loss account, boosting its valuation.

By contrast, organic growth typically demands significant investment, impacting businesses’ profit and loss and reducing their valuation. It’s therefore understandable why expansion via acquisition is often the favoured strategy.

However, such acquisitions have – historically – been disastrous, with the acquiring company often losing management teams from their purchased businesses.

This typically happens when they attempt to impose cultures and technologies that, although successful in their original markets, prove inappropriate for the new ones.

Customising technology for diverse source markets has long posed a significant challenge for international entrants. Now, the advent of advanced AI language models like ChatGPT present promising solutions that can facilitate global expansion more seamlessly.

But will customers buy travel from a brand with which they’re unfamiliar? Certain brands, like Trip.com, adopt Tui’s "super brand" approach, employing the same brand across various source markets.

However, this approach proves effective primarily when assets such as aircraft, in-resort bus transfers and hotels are available. This lets the brand capture customers’ attention from different source markets during their holidays. Conversely, I hold reservations about the advantages of purely online brands adopting the same model, as the synergies are less apparent in such cases.

The Thomas Cook brand, therefore, presents an appealing acquisition opportunity for various trade buyers, and the potential for venture capitalists seeking a short-term flip. Irrespective of the result, it would be nice to witness the resurgence of one of our long-standing travel brands, one that sees it recapture market share and flourish once more.

While I believe easyjet Holidays is positioned for market leadership in the UK holiday sector within the next five years, it would be surprising if none of the international giants also attempt to secure substantial market share in the UK.

Steve Endacott is a long-time travel industry executive and investor, and is currently chair of the Electric Car Organisation.