Thomas Cook sells Egyptian and Lebanese businesses

7th Oct 2013 08:44

Travel operator Thomas Cook confirmed that it has sold its Thomas Cook Egypt and Thomas Cook Lebanon businesses to Bahrain-based Yusuf Bin Ahmed Kanoo for 6.5m pounds in cash. The move comes as part of the group's three-year turnaround plan, following a bailout from its lenders two years ago. Thomas Cook, which is halfway through its transformation, has already cut 2,500 jobs and closed nearly 200 underperforming outlets across Britain.The group's Chief Executive Harriet Green said: "I am pleased to report further progress on our rapid transformation of Thomas Cook. This sale will enable us to focus more of our capital and resources on our core businesses, supporting the delivery of profitable growth."The FTSE 250-firm expects to take an exceptional non-cash loss on the sale of £19.5m, principally due to the write off of goodwill. The loss will be provided for in the year ended September 30th 2013.CJ