Wed, 20 Nov 2013 | BUSINESS SALE
Thomas Cook Group has confirmed the sale of its corporate forex business.
The travel company has sold Thomas Cook CFX to Moneycorp in a deal thought to be worth £4.5 million.
Harriet Green, chief executive of Thomas Cook, explained that the sale is part of a long-term turnaround plan for the group that will involve narrowing the company's focus. She commented on the business sale: “Consistent with our commitment to simplify our brands, proposition and products, I am pleased to announce the sale of our corporate foreign exchange business.
“This will allow us to focus more on our core retail customer base and continue to deliver our profitable growth strategy.”
Thomas Cook CFX is not the first business that Green has decided to sell. She has already sold a number of non-core assets, including businesses in Egypt and Lebanon, which were disposed of last month for just under £10 million. The disposals are part of an effort to bring the whole company back to stronger health after it almost collapsed in 2011.
While the corporate division has been sold, Thomas Cook will continue to run its consumer foreign exchange business through the internet and its retail stores. The corporate side of the business is likely to suit Moneycorp better since the firm is already a major operator within the sector.
Moneycorp is owned by the Royal Bank of Scotland's Special Opportunities Fund.
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