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
JW Cafe bags Best Dessert At World On A Plate 2017, Mumbai
The restaurant bags yet another accolade owing to desserts crafted by Chef Santosh Rawat, Executive Pastry Chef, JW Marriott Mumbai Sahar. JW Café the all day dining restaurant at JW Marriott
Axis Bank and Vistara unveil cobranded credit card
Introduce three variants of the contactless card aligned to customer travel preferences Card enables faster earning of Club Vistara points and membership tier upgrades Unique opportunity to receive up to
Kerala Tourism plans to participate in Arabian Travel Market
As part of attracting International tourists to the State, Kerala Tourism is planning to participate in Arabian Travel Market in Dubai to be held from April 22 to 25. In
