Cook announces Middle East sell-off

Cook announces Middle East sell-off

Thomas Cook today confirmed the sale of interests in the Middle East for £6.5 million.

The group has sold the Thomas Cook Egypt and Thomas Cook Lebanon businesses to Bahrain-based Yusuf Bin Ahmed Kanoo Holdings.

The two companies handle travel and foreign exchange services in Egypt and Lebanon. They generated an operating profit of £900,000 in the 11 months ended August 31.

The group expects to incur an exceptional non-cash loss on the sale of £19.5 million, principally due to the write off of goodwill.

Cook said it would continue to offer its customers from other markets travel services to Egypt.

Chief executive Harriet Green 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."


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