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Published on Monday, November 25, 2013

Thomas Cook sells Neilson

Thomas Cook has sold Neilson for £9.15 million to private equity firm Risk Capital Partners.

The sale of the specialist tour operator, Neilson Active Holidays, will complete on or around 10 December.

But the travel firm said all other parts of Thomas Cook's UK tour operations remain unaffected.

Harriet Green, group chief executive of Thomas Cook Group said: "The transformation of our UK business - and that of the Group overall - is happening at pace.

"We have previously undertaken a comprehensive review of our product portfolio and where we want our business to be.

"Today's announcement is the result of our continuing rationalisation of our business. Building on our other recently announced disposals, it will allow us to focus on those key brands, propositions and products that will deliver our strategy for profitable growth."

Thomas Cook said for the year ended 30 September 2013, the Neilson businesses contributed approximately £1 million to the group's earning before interest and taxes.

As a result of the sale, it will separately disclose a £13 million non-cash asset impairment write down within its income statement for the year ended 30 September 2013.

In 1999, Thomas Cook merged Neilson's ski and sailing operations to create Neilson Active Holidays.

TravelMole reported in February that Neilson was likely to be sold off as part of Harriet Green's review, see previous story.

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