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
Islamic Cooperation declares East Jerusalem as Palestine’s capital
The 57-member Organization of Islamic Cooperation (OIC) has recognized East Jerusalem as the capital of the State of Palestine and invited other countries to follow suit. The organization’s decision, reached
Radisson Hotel Group in Asia Pacific Celebrates International Women’s Day
Radisson Hotel Group, one of the world’s leading global hospitality companies, celebrates International Women’s Day in Asia Pacific, reaffirming its commitment to gender equality and women’s empowerment by appointing some
Government should exit Air India says report
The government should sell its entire stake in Air India as any level of equity retention would raise concerns about the prospect of government interference after privatisation, a report said
