Thomas Cook to hang on to its French business

Travel group Thomas Cook said it had decided not to sell its French business and would instead kick off a restructuring programme to turn the under-performing unit around.

The world’s oldest travel group yesterday said following a review into its French unit it would retain the business and “implement a specific transformation programme for France to improve performance”.

The French business, which includes the Aquatour, Jet tours and Kuoni tour operators, has been hit by domestic economic uncertainty and political unrest affecting popular French-speaking destinations such as Morocco and Tunisia.

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The 172-year-old group had also struggled over the last two years with a slump in sales leading to a string of profit warnings.

Since travel industry outsider Harriet Green took over as CEO last May, the company has seen a steady improvement in its finances.

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