I’m from a travel industry viewpoint. TUI has been very sucessful in what Thomas Cook is trying to achieve, they have a vertical airline, excelusively contracted or owned hotels and a dedicated high street/online business. Jet2 on the other hand work very closely with independant agents and have a decent online presence - however none of that product is unique. They are now the UK’s 2nd biggest tour operator (overtaking Thomas Cook)
Thomas Cook is stuck in the middle. It owns hotels and is pushing its unique properties, but hasn’t marketed it well. The swing from eastern to Western Europe really hurt them as they had a niche in Turkey and Egypt (although that tide is turning again). With reference to brochures, they are already phasing them out, and with high street stores some which came with the co-op merger have returned to the co-op group.
If I were them, I would outsource all European flying to easyJet and/or another carrier. Focus on long and medium haul - so keeping places like The Gambia, Cape Verde, South Africa in house, while developing Manchester. Independant agents would love to work with them (on an equal footing). Improve the website, and improve marketing of their own hotels/product - make that the star.
Regarding a Stansted base for Long Haul - nice idea in theory, but is there a market for New York/Boston/LA etc...?