Travel firm Thomas Cook yesterday confirmed a review of its UK operations was under way.
It said it was looking at options for its UK and Ireland business, although it would not comment on speculation that this included putting up the for-sale sign on Club 18-30.
Reports said Thomas Cook planned to offload four subsidiaries including Club 18-30 - famous for its bar crawls in places like Ibiza and Tenerife despite recent attempts to create a more sophisticated image.
The others involved were said to be skiing and sailing arms Neilson, villa holidays group Style and Ireland's Sun World.
Thomas Cook, which has around 600 high street travel agencies and a number of other operations in the UK, including a charter airline which flies out of BIA, said accountancy firm Ernst & Young was carrying out a strategic review.
However, a spokeswoman would not say which parts of the business this covered or whether a sale of any divisions was a likely outcome.
She said: "The strategic review is looking at the longer term development of the Thomas Cook UK and Ireland business."
Club 18-30 has been introducing adventure and activity holidays in the past year to change the image, turning its back on past advert campaigns featuring slogans such as Beaver Espana and Summer of 69.
This move - together with an influx of female clients - had helped it shake off its previous "laddish" image.