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
MADRID, Your New Golfing Destination in Spain
Enjoy your free time playing golf on some of the best European courses, in outstanding surroundings and with the chance to discover an extraordinary cultural heritage. If this is what
Indian passport to get a makeover
India has decided to do away with the last page of the passport that contains the names of the spouse, parents and address of the passport-holder while changing the colour
IATTE Business Meet in Delhi & Launches New Chapter in Tamil Nadu
Bringing together members of the travel and tourism industry, the Indian Association of Travel & Tourism Experts (IATTE) completed another successful business meet in New Delhi on 1st April. IATTE
