Thomas Cook to review money division in latest revamp

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Thomas Cook to review money division in latest revamp

FILE PHOTO: A Thomas Cook sign outside one of the travel company’s shops in central London, November 26, 2014. REUTERS/Suzanne Plunkett/File Photo

LONDON (Reuters) – Thomas Cook announced a review of its money division on Tuesday, in its latest step to streamline operations and focus on its core holiday business after a rough 2018 prompted profit warnings.

The firm has put its airline business up for sale and closed stores this year, after a heatwave in northern Europe last summer deterred holidaymakers from booking last-minute deals, leading to two profit warnings and speculation among investors that it might need to raise funds.

“The review of Thomas Cook Money will now consider how we focus our resources in those areas that give us the greatest opportunity to make a difference to customers in our core holiday offering,” chief executive Peter Fankhauser said in a statement.

The company said it was considering proposals to align its money unit more closely with the tour operating business.

Thomas Cook, the world’s oldest tour operator, launched the first precursor to travelers checks in 1874, and more than three million customers use the firm for travel insurance and foreign exchange.

As part of the shake-up, UK Chief of Retail and Money Anth Mooney will leave the business, having launched new pre-paid travel cards and holiday insurance products in his two years at Thomas Cook.

Reporting by Alistair Smout; Editing by Mark Potter