Thomas Cook is selling and leasing back a building in Belgium to further reduce its debt mountain.

The group will make a gain of £11.5 million with the disposal and lease back of the Thomas Cook Belgium office in Gent.

The move follows the sale of its share of operations in India, a group of Spanish hotels and the sale and leaseback of aircraft.

The company said: “The group remains committed to reducing the net debt of the business and this transaction is part of that process.

“Transaction proceeds will be used to reduce the group’s borrowings and/or for general corporate purposes.”