Travel operator Thomas Cook has agreed to sell its specialist activity holidays business as part of chief executive Harriet Green’s efforts to drive the business back to profit.
The £9.15 million sale of Neilson Active Holidays to private equity firm Risk Capital Partners is expected to be completed early next month and follows Green’s “comprehensive” review of the group’s stable of brands.
In recent weeks, Thomas Cook has sold its corporate foreign exchange business, operations in Egypt and Lebanon and its stake in UK air traffic controller Nats.
Neilson specialises in sailing and skiing trips, and Green said its sale will allow the firm to focus on “key brands, propositions and products that will deliver our strategy for profitable growth”.
Full-year results, due on Thursday, are expected to show that Thomas Cook, which racked up £485m in losses last year, is making good progress on its path to recovery, having come close to collapse in 2011.