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
Government of Japan dispatches Japanese Railway Safety Expert Team
JICA’s Railway Safety Expert Team visits India from 28th August to 1st September The Government of Japan is dispatching a team of Japanese railway safety experts to India, from August
One&Only Dubai welcomes guests to celebrate Ramadan in true Arabic tradition
This Ramadan, guests and visitors alike can experience the very best of Arabian hospitality at One&Only resorts in Dubai. One&Only Royal Mirage, the chic and buzzing beach resort overlooking Palm
Vistara announces Holi sale with fares starting at Rs 999
Vistara today announced its Holi sale, with one-way fares starting Rs 999 inclusive of taxes and fees. “This Holi sale offers travellers an exciting opportunity to ‘fly the new feeling’
