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
This well-established company is a leading provider of recruitment services and staffing solutions in the care industry, boasting a large portfolio of highly trained staff and lasting relationships with over 135 clients. With 75% of its revenue from...
This company offers a unique blend of consultancy services and software platforms to enhance data utilisation and decision-making within the construction industry, boasting a strong client base of nationwide Tier 1 contractors. With plans to expand i...
This successful steel manufacturing and installation company boasts a well-established client base with over 20 years of loyal, repeat business, largely driven by word-of-mouth referrals. With minimal marketing efforts to date, the business presents...
18
|
Jun
|
Administrators seek offers for dairy-free alternative milk brand | ADMINISTRATION
Administrators from Interpath Advisory are seeking offers fo...
18
|
Jun
|
North Wales financial planner’s assets acquired from administration | BUSINESS SALE
The business and assets of a financial planning firm based i...
18
|
Jun
|
Accountancy firm secures PE investment for M&A drive | BUSINESS NEWS
Bishop Fleming, a 500-strong accountancy firm with 47 partne...
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 the complete resource for finding genuine 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.