Thomas Cook Sells its Travel Agencies in Egypt and Lebanon
Forensic inspectors examine the site of a car bomb that occurred on Thursday in Beirut's southern suburbs. Sharif Karim / Reuters
The travel giant is selling off or shedding bits of its business that aren’t up to snuff, and old-school travel agencies in challenged markets apparently fit that bill.
Tour operator Thomas Cook Group plc reported selling 100% of the Thomas Cook Egypt and Thomas Cook Lebanon businesses to Yusuf Bin Ahmed Kanoo (Holdings) Co WLL of Bahrain for 6.5 million pounds cash.
Thomas Cook Group would continue offering its customers from other markets travel services to Egypt. The businesses being sold generated an operating profit of 0.9 million pounds in the 11 months ended August 31, 2013. The transaction would be effected via. the sale of Thomas Cook Overseas Ltd., a UK company which trades in Egypt though its Thomas Cook Egypt branch, and Thomas Cook Lebanon SAL, a Lebanese company.
Further, the transaction does not impact Thomas Cook Group’s outbound programme for European customers who wish to travel to Egypt. The company said its outbound programme is unconnected to the businesses being sold. The Group projects an exceptional non-cash loss on sale of 19.5 million pounds, due mainly to the write off of goodwill. The loss would be provided for in the year to September 30, 2013.
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