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
Argentina unfurl its tourism in Spain
For more than five days, the Ministry of Tourism of the Nation will participate in one of the most important world fairs in the sector, showing the natural attractions and
Indigo to start first phase regional flights from South India post the approval from DGCA
In this new development, Indigo will use a 74-seater ATR turboprop where the first row seats will be opposite facing. Indigo plans to debut its regional operations in South India
The Pride Group of Hotels launches its first upscale hotel in the capital
The Pride Group of Hotels officially launched their first upscale hotel, the Pride Plaza Hotel at Aerocity in the capital. Nitin Gadkari, Minister of Road Transport Highways and Shipping and
