11 Dec 2013 13:00
11 December 2013
Thomas Cook Group plc announces sale of Essential Travel
Thomas Cook Group plc today announced that it has sold its UK ancillary travel products business - Essential Travel Limited - to the Holiday Extras Group for gross proceeds of £2.1m (subject to regulatory approval from the FCA).
Thomas Cook has also entered into a commercial agreement with Holiday Extras to be its exclusive distributor of certain ancillary travel products for its UK business (such as airport and cruise terminal parking, airport hotels and lounges and travel insurance), thereby enabling it to continue to offer its customers these services.
Commenting on the sale of Essential Travel, Harriet Green, Group Chief Executive Officer of Thomas Cook Group plc, said:
"Further to our recent results announcement, I am pleased to report yet more progress as we deliver the rapid transformation of Thomas Cook. The sale of Essential Travel builds on our previously announced strategy of simplifying our brands and applying an intense business focus on our core assets to deliver sustained profitable growth."
Notes to Editors
(1) The Essentials business is based in London and operates with 20 people.
(2) The sale will result in a loss on disposal of £15m principally arising from goodwill recognised at the time of acquisition in March 2010.
Enquiries
Investors & analysts |
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Geoffrey Pelham-Lane, Thomas Cook Group | +44 (0) 20 7557 6414 |
Media |
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Jenny Peters, Thomas Cook Group | +44 (0) 7568 105144 |
Andrew Lorenz, FTI Consulting | +44 (0) 7775 641807 |
Thomas Cook Group plc
Thomas Cook Group plc is one of the world's leading leisure travel groups with sales of over £9 billion and more than 20 million customers in the year ended 30 September 2013. Thomas Cook is supported by approximately 27,000 employees and operates from 17 source markets; it is number one or two (by revenue) in all its core markets. Thomas Cook Group plc's shares are listed on the London Stock Exchange (TCG).