18th Nov 2013 08:46
LONDON (Alliance News) - Thomas Cook Group PLC Monday said it has now completed the sale of its UK corporate foreign exchange business for GBP4.5 million in cash to Moneycorp.
The deal doesn't include the travel company's consumer holiday money foreign exchange business.
"This will allow us to focus more on our core retail customer base and continue to deliver our profitable growth strategy," Chief Executive Harriet Green said in a statement.
Thomas Cook has done a string of asset sales in the past couple of years as it tries to bring down a big debt pile. The company was hit hard by the economic downturn and its debt brought it to its knees as it struggled to service the debt load.
Thomas Cook shares were down 1% at 139.1 pence early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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