Thomas Cook sells Elegant Resorts

Thomas Cook sells Elegant Resorts

Thomas Cook Group has completed the sale of luxury travel tour operator Elegant Resorts to Saudi Arabian based global travel group Al Tayyar.

The travel giant recovered gross cash proceeds of £14.3 on the deal.

All other parts of Thomas Cook’s UK tour operations remain unaffected by the announcement.

Commenting on the sale Harriet Green, group chief executive officer, Thomas Cook Group said: “This announcement is consistent with our strategy of rationalising our UK business.

“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.

“We wish Al-Tayyar and the Elegant Resorts team well and look forward to exploring future areas of collaboration with Al-Tayyar.”