Swiss-based Kuoni has confirmed it is seeking to sell its tour operating businesses in Italy, Spain, the Netherlands, Russia and Belgium as it seeks to boost profitability.

Online hotel booking platform Octopustravel is also on the block, with Kuoni arguing the businesses have been loss making for a number of years. 

“Kuoni no longer wants to run these activities and will explore exit options depending on circumstances for each of the various businesses, which may include complete or partial sale, management buy-out, or even termination of activities if no sustainable solutions can be found,” a statement from the company read.

Kuoni went on to confirm it is starting consultations with staff in accordance with local statutory requirements.

The Zurich-based group said the move should eliminate annual operating losses of around CHF17 million in the future.

However, as many as 500 jobs could be lost.