Kuoni Group is looking to offload its tour operating businesses in Italy, Spain, the Netherlands, Belgium and Russia, and its consumer online hotel platform Octopustravel.
It said the businesses have been loss-making for several years.
"Kuoni no longer wants to run these activities and will explore exit options depending on circumstances for each of the various businesses, which may include complete or partial sale, management buy-out, or even termination of activities if no sustainable solutions can be found," it said in a statement today.
Kuoni said it is starting consultations with staff in accordance with local statutory requirements.
The businesses being sold employ around 500 staff.
Kuoni said jobs could be saved in the event of a sale or management buy-out.
The group said the move should eliminate annual operating losses of around CHF17 million in the future.
Kuoni acquired Octopustravel as part of its purchase of Gullivers Travel Associates from Travelport for $720 million in 2011.
The business being offloaded is the B2C part of Octopustravel, which employs 39 full time staff in London.
A Kuoni spokesman said it came with the GTA deal but was not part of Kuoni's strategy and was already loss making.
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Friday, September 21, 2012
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