• thl enters conditional agreement to sell UK & Ireland business assets to Indie Campers
• Sale expected to generate one-off gain of up to NZ$6.8M (£3.0M)
• Transaction to negatively impact underlying EBIT in H2 FY26 by NZ$1.1M

Tourism Holdings Limited (thl) has entered into a conditional agreement to sell its UK & Ireland business assets to Indie Campers, an RV rental company headquartered in Portugal, at net asset value plus goodwill of NZ$8.0M (£3.5M). The divestment follows a strategic review of thl's UK & Ireland operations and an assessment of opportunities to release capital from the region to optimize group Return on Funds Employed (ROFE). The terms of the sale include completion being conditional on the landlords of the depots consenting to the assignment of leases, thl underwriting a 15% vehicle sales margin on the future resale of the fleet sold to Indie Campers over a three-year period, and a three-year restraint of trade preventing thl from competing with the business in the UK & Ireland markets. The transaction is expected to generate a one-off gain of up to NZ$6.8M (£3.0M), representing goodwill net of certain committed costs, including transaction costs. thl expects to use the total sales proceeds towards the repayment of debt. However, due to the timing of the sale in the financial year, the transaction will negatively impact underlying EBIT in H2 FY26 by NZ$1.1M, reflecting the loss of the UK & Ireland's high-season earnings in the Q4 period.