Thomas Cook sells Egypt and Lebanon businesses for £6.5m

Thomas Cook has sold Thomas Cook Egypt and Thomas Cook Lebanon. (Release)

The travel agent today announced that the businesses have been sold to Yusuf Bin Ahmed Kanoo for a cash consideration of £6.5m.

Harriet Green, chief executive, Thomas Cook Group plc said:

I am pleased to report further progress on our rapid transformation of Thomas Cook. This sale will enable us to focus more of our capital and resources on our core businesses, supporting the delivery of profitable growth.

Back in 2011, the company took a multi-million pound hit following the political unrest in Egypt, and also cited geopolitical unrest as a cause for slow winter sales this year, in its third quarter trading report.