Peterborough-based holiday giant Thomas Cook has sold its businesses serving customers in Egypt and Lebanon.

The businesses have been sold to Bahrain’s Yusuf Bin Ahmed Kanoo (Holdings) in the latest stage of its turnaround plan.

The Bretton-based firm will continue serving Egypt as a holiday destination but said it would receive £6.5 million for the two businesses, which generated an operating profit of £900,000 in the 11 months to the end of August.

But the firm will book a non-cash loss of £19.5 million on the disposal in the year to the end of September 2013 mainly related to goodwill.

Saved by an emergency bailout from its lenders two years ago, Thomas Cook is halfway through a three-year turnaround plan.

The plan has involved cutting 2,500 jobs and the closure of 195 underperforming outlets across the UK as it focuses on offering more holidays online.

Chief executive Harriet Green said: “This sale will enable us to focus more of our capital and resources on our core businesses, supporting the delivery of profits.”