Mon, 17 Aug 2015 | DIVISION SALE
The holiday travel group TUI, and owner of Thomson and First Choice, is considering divesting some non-core assets.
The non-core brands in the line-up for a possible sale include hotelbeds.com, Crystal Ski Holidays and Hayes & Jarvis. TUI will seek to retain a stake in the brands that are sold, which together have a turnover of about €3 billion.
The business was siphoned off from the company's main operations last year following the merger of Britain's TUI Travel and TUI AG, its German shareholder. The non-core unit has been referred to as being simply “managed for value”.
Its boss Will Waggott, previously the chief financial officer of TUI Travel, may lead a management buyout of the business if things proceed to that stage.
Included in the businesses mooted for a sale is an accommodation wholesaler, which has a database exceeding 60,000 worldwide hotels, and a 10,000-strong workforce. This business includes LateRooms.com, TUI did confirm plans to sell the unit separately back in May however.
A sale of TUI's 22 per cent stake in the Hapag-Lloyd container shipping business is definitely on the cards.
The recently enlarged TUI Group has been focusing on building the TUI “power brand”, and confirmed in May that the Thomson brand will be phased out, and the First Choice brand kept on.
Following the Tunisian terrorist attack in June, in which 33 customers died, TUI is bracing itself for a hit to its full-year profits by up to €40 million.
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