As mentioned elsewhere on Flyertalk, there's some good IB fares to Tenerife that render them TP-worthy.

JER-LGW-MAD-TFN/TFS rtn for £422 - that should be 240TPs at £1.8/TP.

Or a more 'fun' option if you're going on holiday:
LHR-MAD-TFN/TFS rtn for £350 but take the BA B777 out at 7:20am and the IB A340 back at 3:45pm for nice comfy lie-flat cabins whilst still achieving £2.2/TP

Can easily be constructed on GoogleFlights and then linked into the IB site.

https://goo.gl/flights/on7L


Edit Note: It seems people have been able to price this cheaper than I, so be aware of that.^