TCG plc announces sale of Elegant Resorts

6 February 2014

Thomas Cook Group plc announces sale of Elegant Resorts

Thomas Cook Group plc announces today that it has completed the sale of Elegant Resorts, the UK luxury travel tour operator, to Al Tayyar, a leading global travel group based in Saudi Arabia, for gross cash proceeds of £14.3m. All other parts of Thomas Cook's UK tour operations remain unaffected by today's announcement.

Commenting on the sale of Elegant Resorts, Harriet Green, Group Chief Executive Officer of Thomas Cook Group plc, said:

"Today's announcement is consistent with our strategy of rationalising our UK business. The sale of Elegant Resorts enables us to realise value from an asset that is not central to our business, allowing us to further focus on our key brands and products to drive our profitable growth strategy.

We wish Al-Tayyar and the Elegant Resorts team well and look forward to exploring future areas of collaboration with Al-Tayyar."

Notes to Editors:

(1) Elegant Resorts is based in Chester and employs c. 100 people, all of whom will remain with the company on completion of the transaction.

(2) The sale of Elegant Resorts will result in a loss on disposal of £2.0m, principally arising from the write-off of goodwill recognised at the time of acquisition in 2008.

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