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 prepares Israeli SPYDER air defence missile system for Pakistan border
The Indian Air Force will in the next few weeks finish weaving a security web with the Israeli SPYDER air defence missile system on the western borders. The Indian Air
VFS Global and CzechTourism join hands to promote Czechia’s allure to Indian Travellers
VFS Global to represent Czechia in India for Sales, Marketing, PR and Trade initiatives. The collaboration aims to increase visitor numbers by highlighting Czechia’s rich cultural heritage, scenic landscapes and
Under the Patronage of His Excellency Ahmed Al Khateeb, Minister of Tourism, the Saudi Tourism Authority launches the Saudi Summer Program 2024
At a significant launch event in Riyadh organized by the Saudi Tourism Authority, His Excellency Ahmed Al Khateeb unveiled the Saudi Summer Program 2024. Saudi’s summer program will run for
