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
Virgin Atlantic launches 70-hour sale for India’s 70th Independence Day Celebration
As we get close to India’s 70th Independence Day celebrations, Virgin Atlantic has announced a special 70-hour sale to celebrate the occasion. Also, passengers who have their birthday on August
MPTB showcases fast growing tourism sector at ITM in New Delhi
Madhya Pradesh is a state that reflects the true cultural heritage and history of Incredible India. The great emperor of India, from Ashoka to the Gupta’s has marched on this
Family Tales in Jordan: Weaving History into Heartfelt Moments
For over a century, Western travellers have been drawn to the Middle East, yet Jordan has only recently emerged as a destination for tourism. While abroad, Jordan is often associated
