Thomas Cook sells Neilson Active Holidays

25th Nov 2013 13:38

Thomas Cook Group has agreed to sell its specialist activity tour operator Neilson Active Holidays to private equity firm Risk Capital Partners for 9.15m pounds.The travel company expects the transaction will be complete by about December 10th. For the year to the end of September 2013 the Neilson businesses contributed about £1m to group earnings before interest and tax (EBIT). The group will separately disclose a £13m non-cash asset impairment write down within its income statement for the same year due to the disposal. "The transformation of our UK business - and that of the group overall - is happening at pace," said Chief Executive Officer, Harriet Green."We have previously undertaken a comprehensive review of our product portfolio and where we want our business to be. Today's announcement is the result of our continuing rationalisation of our business."She said the disposal will allow the company to focus on key brands, propositions and products that deliver profitable growth.Shares were up 2.90% to 152.70p at 13:43 following the announcement. A drop in oil prices, after Iran agreed to curb its nuclear programme, also provided a lift to the firm's stock.RD