Thomas Cook sells UK corporate travel business

27th May 2014 15:38

Thomas Cook has agreed to sell its UK corporate travel business to Mawasem Travel & Tourism for 13.5m pounds.The UK corporate travel business, Co-operative Travel Management, is part of the joint venture between Thomas Cook, Co-operative Group and Midlands Co-operative. Mawasem Travel & Tourism Ltd is the UK subsidiary of the Al Tayyar Group, a Middle Eastern-based travel group which bought Thomas Cook's Elegant Resorts business earlier this year. The transaction is expected to be complete by the end of June 2014."This sale enables us to further intensify our focus on those key brands and products that are core to delivering our strategy for sustainable profitable growth," said Chief Executive Harriet Green.Shares rose 2.20% to 162.70p at 15:46 on Tuesday.RD