Thomas Cook might sell airline to raise cash, shares climb

Thomas Cook said it was willing to sell its profitable airline business to raise cash to fund its fight back from losses racked up in 2018 and to cope with a tough year ahead, sending the travel group’s shares 12% higher. The oldest travel company in the world stumbled badly last year when a heatwave in northern Europe deterred holiday makers from booking lucrative last minute deals, leading to two major profit warnings and talk of a need to raise funds. The British group said it would consider all options for its airline. “Thomas Cook doesn’t need to own an airline outright to be a successful holiday company,” CE Peter Fankhauser said, adding a review was being conducted and the company would retain strong links to the carrier whatever the outcome. A sale, in whole or in part, would enable the company to invest more in its own hotels, improve its digital sales offering and drive further cost savings.<br/>