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
Kolkata’s outstanding dream destination
Stepping in at The Westin Kolkata Rajarhat, it is the world steeped in luxury, wellness and spirituality for the well-heeled class of travellers. The newest global luxury brand in the
HRAWI’s latest FoSTaC conclave concludes in Diu
The Hotel and Restaurant Association of Western India (HRAWI) recently concluded its 19th Food Safety Training & Certification (FoSTaC) programme in association with Food Safety and Standards Authority of India (FSSAI)
Snapdeal launches Travel Store
Snapdeal has set-up a travel store that helps buyers with travel necessities at affordable prices. With the holiday season ahead, the store is aimed at helping users with a one-stop
