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Thomas Cook Sells UK Tour Operator For $23 Million

Excerpt from Wall Street Journal

Feb 06, 2014 1:30 pm

Skift Take

Thomas Cook continues on its asset disposal and cost-containment binge with the sale of Elegant Resorts at a loss.

— Dennis Schaal

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Lyn Gateley  / Flickr.com

Thomas Cook Group just sold Elegant Resorts, a UK tour operator, which among its offers is a rental in August of the entire 115-acre Petit St. Vincent island (shown above) in the southern Caribbean. Lyn Gateley / Flickr.com


Thomas Cook Group PLC said it has sold Elegant Resorts, a U.K. travel tour operator, to Saudi Arabia-based travel group Al Tayyar for gross cash proceeds of 14.3 million pounds ($23.32 million).

“The sale of Elegant Resorts enables us to realise value from an asset that is not central to our business, allowing us to further focus on our key brands and products to drive our profitable growth strategy,” said Thomas Cook Group Chief Executive Harriet Green.

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