The Lowcost Travel Group has withdrawn from plans to buy cruise specialist Ideal Cruising.
Chief executive Paul Evans said: “Ideal is a great business with an excellent management team. However this is a time for more conservative valuations of even good businesses like Ideal and we have therefore withdrawn from the negotiations. It is still a sector of great interest to us”.
Ideal chairman Ian Brooks said: “We are disappointed not to have concluded this deal especially as we had built up a good rapport with the team at Low Cost.
“However we understand their reasons for not going through with it, and ultimately we have a good business which we were not willing to sell below a premium price. We have had a good start to the year and look forward to continuing to grow the business in what remains a healthy sector”.
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