Exit from Travel Joint Venture

The Co-op has served notice to exit the joint venture that was set up with Thomas Cook Group in 2011, which has operated the UK retail travel branches of both businesses.

Under the agreement the Co-op will receive £50m plus interest in return for its shares in the joint venture by 30 November 2017. A payment schedule has also been agreed for the guaranteed minimum dividend of £31.9m, with £20m due on 3 January 2017 and the remainder on 3 April 2017. Interest will be payable on both instalments.

For further information on the terms of the exit and the agreed payment schedule, please see the announcement made by Thomas Cook Group  https://www.thomascookgroup.com/regulatory-news