The adventure holiday and school trip company PGL has reportedly been put up for sale by tour operator Cox & Kings.
PGL is expected to fetch between £300 million and £400 million, The Sunday Times reported sources as saying.
Investment banking firm Baird is said to be advising on the sale.
PGL was bought by the Indian-based tour operator in 2011 when Cox & Kings took control of the London-listed parent company Holidaybreak for £312 million.
PGL runs domestic and overseas short breaks and educational trips for schools, colleges and groups.
It was founded in 1957 by Peter Gordon Lawrence and is often referred to by children attending its summer camps as “parents, get lost”.
Cox & Kings declined to comment.