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
Kenya eyes 12-15% growth in footfalls from India in 2018
Kenya Tourism Board (KTB), in partnership with 10 members of the Kenya travel trade, participated in the Outbound Travel Mart (OTM) 2018 in Mumbai, India. KTB showcased Kenya’s authentic experiences
Air travel demand in India continues in double digits for 36
The air travel demand in India continued in the double digit for the 36 months on a trot with the domestic passenger traffic rising 16 per cent in August over
Lloyd HT PALATE fest is geared up to offer a gastronomical experience once again
‘Lloyd HT Palate Fest 2017’, the biggestand original food festival in the Indian subcontinent is back with its latest edition to satiate discerning palates in the capital, featuring gastronomical delights.
