Branches in Italy, Spain, Netherlands, Belgium, Russia to be sold
Kuoni has announced it will sell some of its smaller loss-making tour operating businesses. The Swiss-based operator’s share price rose on the news. The businesses affected are Kuoni’s tour operating activities in Italy, Spain, the Netherlands, Belgium and Russia, as well as the B2C online hotel platform Octopustravel. The company said it no longer wanted to run these activities and would explore exit options.
A financial analyst, Jonathan Wall, told TTG Digital: “Businesses that continually acquire sometimes have to cut back as well as grow. Sometimes in a big company it takes too much time to run parts of the organisation. Sometimes the answer is to get back to the core and keep the best bits. I don’t think it’s anything shocking. I expect it’s a good pragmatic decision for the business. If you don’t need to be the biggest, you’ve got to be the best.”