18th Nov 2013 10:44
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, and, in a separate deal with Collette Travel Service Inc, outsourced its UK escorted tours business.
The disposal 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.
In a separate statement, the company said it has outsourced its UK escorted tours business, with GBP10 million in revenues, to Collette Travel Service for a minimum of five years.
"Outsourcing our tours activity to an established specialist like Collette Travel enables us to continue to offer our customers the widest possible range of personalised experiences to meet their needs," Green said.
Thomas Cook shares were down 1% at 139.1 pence early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Thomas Cook