Thomas Cook share price rises on sale of Elegant Resorts
Shares in the Thomas Cook Group rose a notch yesterday following news that it had sold luxury operator Elegant Resorts to a Saudi Arabian travel group, Al Tayyar, for £14.3 million.
The share price closed yesterday at 184.4p, which was 8p higher than at the start of the week and just a shade below its 12-month high of 186.7p.
Thomas Cook CEO Harrriet Green said off-loading the specialist brand was part of the Group’s strategy to rationalise the UK business.
"The sale of Elegant Resorts enables us to realise value from an asset that is not central to our business, allowing us to further focus on our key brands and products to drive our profitable growth strategy," she said.
"We wish Al-Tayyar and the Elegant Resorts team well and look forward to exploring future areas of collaboration with Al-Tayyar."
Elegant Resorts is based in Chester and employs about 100 people, all of whom will remain with the company on completion of the sale, said Thomas Cook.
The sale will result in a loss of £2 million for Thomas Cook, mainly arising from the write-off of goodwill recognised at the time it bought the company in 2008, when it was thought to have assets worth more than £22 million.
Last November Thomas Cook sold active holidays brand Neilson for £9.15 million.
Al-Tayyar provides travel services mainly within the Middle East but it also owns a tour operation in Malaysia.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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