Thomas Cook Group has agreed to sell its UK corporate travel business to Mawasem Travel & Tourism Ltd for £13.5 million.
Mawasem Travel & Tourism Ltd is the UK subsidiary of the Al Tayyar Group, the Middle Eastern-owned global travel group which bought Thomas Cook’s Elegant Resorts business earlier this year.
The UK corporate travel business, Co-operative Travel Management, is part of the joint venture between Thomas Cook, Co-operative Group and Midlands Co-operative.
It has more than 200 staff working across 16 UK branches and boasts that the average length of service for staff is 10 years.
The sale is expected to completed by the end of next month.
Thomas Cook chief executive Harriet Green said: "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."
