Thomas Cook, the travel firm which came perilously close to bankruptcy earlier this month, has sold a property in the Netherlands to boost its cash flow.
The building is located in the town of Hoofddorp in the north of the country and will give Thomas Cook €18m in much needed cash.
The property is being bought by FN2, a subsidiary of the Fotex Group. It will pay €11m before the end of this year, then a further €4.2m by 31 March 2012. The balance of €2.8m will be deposited into escrow.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Thomas Cook said the sale is part of its £200m "disposal programme" of non-core assets which it plans to complete over the next 18 months. The proceeds will be used to pay down the groups debts.
BS
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
