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
TripXOXO in association with Raaste-Ka-Bhukkad organizes ‘Food Crawlathon’
A ‘first-of-its-kind’ event inviting foodies to enjoy mouth-watering dishes at 24 spots in 12 hours! TripXOXO, an online go-to destination for travellers looking for ‘activities and things-to-do’ across the world
Cars24 announces fully integrated brand re-launch and re-positioning
Cars24 has today launched “Car bechni ho, toh Cars24” an entirely new brand proposition, in line with its ambition to truly own the category of used car commerce. Cars24 is the only company that allows users to
IndiGo cancels 47 flights after regulator grounds Jets over faulty engines
IndiGo operates about 1,000 flights daily which is about 40 per cent of domestic flyers. Budget carrier IndiGo has cancelled as many as 47 flights today after the country’s aviation
