That was the view of Nigel Mayes, senior vice-president of route development consultants Airport Strategy and Marketing (ASM), speaking to TTG at Routes Americas in Quebec City last week.

He said it remained to be seen whether the company would be able to offload the airline in one go or piecemeal, if a sale is the outcome of its “strategic review”.

Mayes said: “Despite being profitable, the potential sale of Thomas Cook’s airline shouldn’t come as a complete surprise.

“It will allow the group to concentrate on its high-margin hotel, currency exchange and tour operating business and provide greater financial flexibility.”

Mayes added the airline operates a fleet of 103 aircraft, a quarter of which serve long-haul destinations and was able to grow its overall capacity in 2018 across Europe, thanks to the collapses of Monarch and Air Berlin.

He said Cook’s market share had also grown in German airports, while a new operation was launched in the Balearics.

Despite this, Mayes believes the airline could still be a tough sale following the proposal announced earlier this month.

“Rival holiday group Tui recently reported widening losses for the first quarter of its financial year,” he said.

“The main attraction could therefore be Thomas Cook’s extensive slot portfolio at major UK airports like Gatwick, Manchester and Birmingham.

“However, this may mean there will be a lack of bidders willing to take the airline in one go.”

Mayes said potential buyers could include easyJet, Virgin Atlantic or Jet2.com.

He added: “For the latter, it would allow the company to continue its solid rate of expansion. However, its owner, Dart Group, is not known for its acquisitive nature, preferring instead to focus on organic growth.”