Tue, 12 Jul 2011 | DIVISION SALE
Travel firm Thomas Cook is to undergo a “fundamental strategic and operational review” of its UK operations that could lead to the sale of some of its hotels and non-core assets.
Thomas Cook has recently revealed that its third quarter profits will be £5 million lower than forecasted. This is partly due to sluggish trading in the UK as the effects of the economic downturn continue. Political unrest in the Middle East and North Africa has also been attributed to the profit warning.
A statement from the company read, “The profitability of our UK business continues to be impacted by the difficult trading conditions, mainly as a result of the continued squeeze on UK consumers’ disposable income.”
“As a result, it is now appropriate that we revisit the effectiveness of our UK business model.”
“There are a number of initiatives already underway to deliver progress including the disposal of certain hotel and surplus assets”, the company continued.
Originally established in 1841 by cabinetmaker Thomas Cook, the company is today the second biggest leisure travel operator in Britain with 19,000 staff. It has over 800 high street outlets, and operates several travel brands including Airtours, Style Holidays, Thomas Cook Signature and hotels4u.com. It also operates 44 planes through its airline, Thomas Cook Airlines.
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