Thomas Cook Group has sold Preston-based luxury travel firm Gold Medal to dnata of Dubai for £45m.
The sale of Gold Medal will result in a loss of £34m, arising from the write-off of goodwill recognised at the time of acquisition in 2009.
The sale of Gold Medal involves the disposal of the two trading companies, Gold Medal Travel Group and Airline Network. Their combined net profit was £6m in the year to last September.
“We believe that this latest strategic partnership with Gold Medal and dnata will further enhance the wide range of flexible options we are able to offer our customers. “Extending our portfolio of strategic partnerships in this way is beneficial for all of our stakeholders and we look forward to working more closely with dnata in the future and wish the new venture continued success."
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