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
Tourists arrived on e-Tourist Visa register a growth of 955.9% in January-June 2015 over the same period last year
42% tourists arrived on e-Tourist visa in June 2015 were from the US. The following are the important highlights of e-Tourist Visa during June, 2015: (i) During the month of
Blue Square Consultants to represent Shandong Tourism in India
Shandong, a jewel nestled between Beijing and Shanghai and an eastern coastal province of People’s Republic of China is all set to make its mark in India by appointing Mumbai
Mandarin Oriental to manage luxury resort on Lake Como
Mandarin Oriental Hotel Group has announced that it has taken over management of CastaDiva Resort & Spa, an existing resort on Lake Como, Italy. The property will be rebranded as Mandarin
