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
7000 Muscovites and tourists took part in International Yoga Day in Moscow
The official celebration programme, organised in association with the Embassy of India, featured dynamic yoga sessions, live music, lectures on Ayurveda and meditation, workshops on mandala drawing, and yoga for
Fully vaccinated travellers can now enter Switzerland
The Swiss Government along with the Federal Office of Public Health (FOPH) eased restrictions for travel into Switzerland. As of 26th June 2021, travellers, irrespective of country of origin, who
Qatar Airways calls for continued open skies
Group Chief Executive for Qatar Airways Akbar Al Baker Holds Press Conference in Washington D.C. Addressing a landmark press conference in Washington D.C. recently, Akbar Al Baker, Group Chief Executive
