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.

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