By Marcus Leach

Thomas Cook have sold their Spanish hotel chain, Hotels Y Clubs De Vacaciones (HCV) for £61 million (€72.2 million).

The travel firm, who are riddled with debt at present, sold the hotel chain to Grupo Iberostar.

As HCV is being sold with net debt of €22.4 million euros, it will reduce Thomas Cook's debt by €94.6 million.

"We have been able to agree this transaction which will significantly reduce Thomas Cook's net debt and demonstrate our ongoing commitment to strengthen the balance sheet," chief executive, Sam Weihagen, said.

Join us on
Follow @freshbusiness

Topics