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
Government asks Qatar to start airline in India
The request to Qatar was made during bilateral negotiations between the two countries for increased number of flights recently. The civil aviation ministry has asked the Qatar government, which runs
Thomas Cook India eyes strong growth potential of North India
· 25% increase in the Company’s Leisure Business · Expands organically – opens 4 new outlets in NCR and Rajasthan Thomas Cook (India) Ltd., India’s leading integrated travel and travel
AAI inks performance MoU with civil aviation ministry
The Airports Authority of India (AAI) has signed its Annual Performance Contract (APC) for the year 2018-19 with ministry of civil aviation. The MoU was signed on April 27 between
