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
Seychelles records 62% increase in tourist arrivals from India
Seychelles records 62% increase in tourist arrivals from India during January – July 2016 compared to the same period last year. This surge in the arrivals can be attributed to
Hyatt brings new brand to India
Hyatt has introduced another of its hotel brands to India, with the opening of the Andaz Delhi. Located in the Aerocity area, close to Indira Gandhi International Airport, the new
On this International Music Day, know why Madhya Pradesh and Music are inseparable!
- MPTB edging ahead to keep inseparable music and Madhya Pradesh alive – International Music Day 21st June – The Ministry of Culture (MoC) has approved the grant for the Museum of
