International hotel group Accor has won shareholder approval to demerge its hotel and voucher businesses, as the operator looks to add more hotels in the UK and abroad.
Following a decision at a combined ordinary and extraordinary meeting of Accor shareholders in Paris a new company – Edenred – will be created to continue the voucher business.
The two entities will start trading as separate companies on the Paris stock exchange from July 2nd.
Following the decision Accor chairman, Gilles Pélisson, thanked the two teams for their dedication and hard work in successfully carrying out the demerger, adding: “We are proud to have created two international, industry-leading champions.
“I wish the very best of success to Edenred, new chief executive Jacques Stern and his team.”
The demerger plans were first outlined late last year.
Accor previously stated its ambition to become the largest hotel franchiser in Europe, with the group hoping its 4,100-strong hotel business will better achieve this in its own right with its own dedicated team pursing this goal.