500 jobs at risk as Kuoni looks to offload loss-making businesses
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.
by Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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