COX & KINGS DIVESTS MAJORITY STAKE IN LATEROOMS AND SUPERBREAK
Cox & Kings Ltd. (‘C&K’) has sold 100% of LateRooms UK Ltd. to Malvern Enterprises UK Ltd. (‘Malvern’) for GBP 20.0 million. C&K’s 65.58%-owned subsidiary, Holidaybreak Ltd. (‘Holidaybreak’), has sold 100% of its Superbreak business to Malvern in a transaction whereby Holidaybreak received a net cash consideration of GBP 9.25 million. The proceeds were used to pay off debt. C&K has bought a 49% stake in Malvern for GBP 6.37 million. Malvern is 51% owned by a reputed Europe-based private equity investor.
The transaction will enable Malvern to independently follow its own strategic growth path in the underpenetrated city-breaks market within the online package-tour space. Brands Superbreak and LateRooms are likely to gain substantially from a unified management team under the strategic guidance of the private equity investor and C&K.
You might also like
India’s 2016 domestic passenger traffic up more than 23%: IATA
India’s domestic passenger traffic grew by 23.3 per cent last year, a global airlines’ association said on Thursday. “The domestic India market topped the growth chart for the second year
GAEHP hosts power-packed networking evening at Hard Rock Café, uniting India’s Tourism Titans
The Global Association of Events and Hospitality Professionals (GAEHP) successfully hosted an unforgettable networking evening at Hard Rock Café, Delhi, bringing together distinguished leaders, trailblazers, and professionals from across India’s
India’s airlines to restart domestic operations from May 25
India’s airlines will resume thier domestic flight operations from 25th May. “Domestic civil aviation operations will recommence in a calibrated manner from Monday 25th May 2020,” twitted Civil Aviation Minister
