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
Singapore to host the Formula 1 World Championship until 2021
Singapore GP Pte Ltd and Singapore Tourism Board today announced that they will continue to host the FIA Formula 1 World Championship for four more years from 2018 to 2021.
Foreign tourists visiting India with e-visa can stay up to 2 months
Foreign tourists visiting India on e-visa can now stay up to two months, instead of the earlier one, and enjoy double-entry benefits while those coming for treatment can avail triple-entry
As per survey Goa is India’s most popular monsoon travel destination
Goa has been picked up as the most popular choice for a monsoon getaway for Indian travelers in 2017. This comes from a survey conducted by online accommodation booking website
