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
Modernization and Multimedia Project Installations at Poble Espanyol Barcelona
Poble Espanyol is an enclosed space in the city of Barcelona which is a scale replica of a town featuring all of Spain´s most famous landmarks. Poble Espanyol is an
Industry Hopes 2018 to be a Fruitful Year
Post the completion of an eventful year, India’s Travel & Tourism fraternity hopes that the New Year 2018 would be a great year for the industry. An eventful year has
WTAAA elects New Chair & Executive Committee
The World Travel Agents Associations Alliance (WTAAA) held its annual General Assembly and bi-annual Board meeting in Abu Dhabi, UAE, September 25-26, 2018 and have elected a new executive committee
