Thomas Cook has sold luxury tour operator Elegant Resorts to Saudi Arabian travel group Al Tayyar for £14.3m.
Harriet Green, Thomas Cook Group chief executive, said: “Today’s 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.”
Elegant Resorts was earmarked for sale in March last year as part of the group’s streamlining. The tailor-made specialist, based in Chester, has been consistently voted among the UK’s best luxury operators in a number of consumer awards. All 100 staff will remain with the company.
The sale will result in an actual loss of £2 million for Thomas Cook, following the company’s acquisition in 2008.