By Mark Kleinman, City Editor
The chief executive of Thomas Cook will on Monday continue her reshaping of the revitalised tour operator by unveiling the sale of its foreign currency division.
Sky News has learnt that Harriet Green struck a deal on Friday to sell Thomas Cook Corporate Foreign Exchange (CFX) to Moneycorp, a rival operator owned by funds affiliated to the state-backed Royal Bank of Scotland (RBS).
A statement is expected to be made to the London Stock Exchange on Monday to confirm the transaction.
The deal is understood to value the unit at only about £5m but is expected to be viewed by the City as a further step towards re-modeling Thomas Cook under the stewardship of Ms Green, who took over as chief executive last year.
Ms Green has presided over a sharp rise in the company's share price after tapping investors for more than £400m in new equity earlier this year and announcing a plan to refocus Thomas Cook on fewer core brands and higher-margin activities.
The fate of one of the best-known names in the UK holiday sector had been hanging in the balance when Ms Green contacted Thomas Cook's chairman, Frank Meysmann, to urge him to consider for the vacant chief executive's post.
Since taking over, she has sold a string of non-core assets, including its business in Egypt and Lebanon last month for just under £10m.
At a trading update in September, the company said it was hopeful of a positive end to its financial year, with full-year results to be published later this month.
"While we expect geopolitical events may impact destination choice, we are, following the improved integration of our business lines, offering customers a wider range of new routes and attractive vacations which we believe will provide a sound basis for continued performance into the new financial year," Thomas Cook said.
"This combined with the continued delivery of our new product range and our cost-out and profit improvement plan, give us confidence of achieving our targets and successfully implementing our strategy for profitable growth."
Thomas Cook declined to comment while Moneycorp could not be reached on Sunday.
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