Thomas Cook sells foreign exchange unit
Thomas Cook's chief executive, Harriet Green, struck a deal with Moneycorp for the sale of its foreign exchange unit. Moneycorp, a rival backed by the Royal Bank of Scotland (RBS), will reportedly buy Thomas Cook Corporate Foreign Exchange (CFX) for about GBP5 million. This was according to a report published by Sky News.
Thomas Cook had been hanging on the edge when Green came into the picture. She urged the company's chairman, Frank Meysmann, to consider her for the vacant chief executive's position. Since joining Thomas Cook last year, she had sold several of the company's non-core assets. Last month, Green sold the firm's business in Egypt and Lebanon for under GBP10 milllion, the report said.
According to Green, she plans to refocus the company on higher-margin campaigns and fewer core brands. Thomas Cook is hoping for a positive result by the end of the year. The company has yet to make a statement to the London Stock exchange to confirm the transaction with Moneycorp, Sky News reported.