Thomas Cook sells off Egyptian and Lebanese businesses
Thomas Cook has sold its Egyptian and Lebanese businesses to Bahrain-based business conglomerate, Yusuf Bin Ahmed Kanoo Holdings, for £6.5 million.
The travel group has announced the sale of 100% of Thomas Cook Egypt and Thomas Cook Lebanon which offer outbound corporate and leisure travel to Egyptian and Lebanese customers, as well as foreign exchange services.
But it expects to incur an exceptional non-cash loss on the sale of £19.5m – principally due to the write off of goodwill – which will be provided for in the year ended 30 September 2013.
Thomas Cook was quick to point out that this is unconnected to its outbound programme for European customers who wish to travel to Egypt.
It said the Thomas Cook Group plc will continue to offer its customers from other markets travel services to Egypt.
Harriet Green, chief executive, Thomas Cook Group plc 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 businesses being divested generated an operating profit of £0.9m in the 11 months ended 31 August 2013.
Diane
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
In Italy, the Meloni government congratulates itself for its tourism achievements
Singapore to forbid entry to undesirable travelers with new no-boarding directive