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Thomas Cook sells businesses serving customers in Egypt, Lebanon
October 7, 2013 / 6:51 AM / 4 years ago

Thomas Cook sells businesses serving customers in Egypt, Lebanon

LONDON, Oct 7 (Reuters) - Thomas Cook Group said on Monday it had sold its businesses serving customers in Egypt and Lebanon to Bahrain’s Yusuf Bin Ahmed Kanoo (Holdings) Co WLL in the latest stage of the British travel company’s turnaround plan.

Thomas Cook, which will continue serving Egypt as a holiday destination, said it would receive 6.5 million pounds ($10.45 million) in cash for the two businesses which generated an operating profit of 900,000 pounds in the 11 months to end-August.

It said it would book a non-cash loss of 19.5 million pounds on the disposal in the year to end-September 2013 mainly related to goodwill.

Saved by an emergency bail-out from its lenders two years ago, Thomas Cook is halfway through a three-year turnaround plan that has seen it cut 2,500 jobs and close 195 underperforming outlets in Britain.

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