Thomas Cook has agreed to sell its UK corporate travel business to Mawasem Travel and Tourism for £13.5 million.
The business, Co-operative Travel Management, is part of the joint venture between Thomas Cook, Co-operative Group and Midlands Co-operative.
Mawasem Travel & Tourism is the UK subsidiary of the Al Tayyar Group, the group which acquired Elegant Resorts from Cook earlier this year.
The latest deal is expected to be complete by the end of June 2014.
This sale enables us to further intensify our focus on those key brands and products that are core to delivering our strategy for sustainable profitable growth.
“We wish Mawasem and the corporate travel team every success.”