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.
____________________________________________________________________________
Related information:
View the latest businesses for sale
A well-established, profitable, freehold, all weather tourist attraction situated on a stunning harbourside location. The main focus of the business is a purpose- built public aquarium which is supported by a vibrant Café with Ice Cream sales, Themed...
FREEHOLD
The business occupies a central position in the much sought after town of Halifax, West Yorkshire, with the hotel located above the beautiful restaurant & bar.
The business has a renowned reputation in Leeds and further afield, and therefore attracts loyal and local customers from Leeds and surrounding conurbations, as well as those from further afield.
LEASEHOLD
15
|
May
|
Essex electric truck maker set to appoint administrators | ADMINISTRATION
An Essex-based company that produces electric trucks has fil...
15
|
May
|
Accountancy announces merger with Irish firm | MERGER
Audit, tax and business advisory firm MHA has announced a me...
15
|
May
|
Dorset and London law firms announce merger | MERGER
A law firm based in Dorset has merged with a London-based pr...
23
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale [UPDATED] | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
15
|
May
|
Thomas Cook considers sale of Club 18-30 | DIVISION SALE
Thomas Cook has announced it may consider selling its Club 1...
29
|
Jun
|
Thomas Cook has put Neilson holidays business up for sale | DIVISION SALE
Thomas Cook has put ski and sailing holiday firm Neilson on ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.