The owner of Super Break and LateRooms.com is reported to have put itself up for sale.
Malvern Group, part-owned by the Indian travel specialist Cox & Kings, has appointed the professional services firm KPMG to undertake a review of its strategic options, according to Sky News.
The move potentially puts the LateRooms.com platform – acquired by Cox & Kings from Tui Travel in 2015 – and Super Break on the market.
The disclosure comes weeks after Cox & Kings warned that it had defaulted on debt repayments, with a number of credit ratings agencies downgrading the company.
Malvern is 49%-owned by the company, with the majority of the shares owned by undisclosed private investors.
It made a net loss of about £6.5 million last year, Sky News reported sources as saying.
A sale of the company and its principal assets, which collectively took more than 700,000 bookings in the last financial year, would be unlikely to generate substantial proceeds, it was reported.
Cox & Kings offloaded children’s adventure holiday company PGL for more than £465 million.
A Malvern Group spokesman told the broadcaster: “We can’t speak on behalf of Cox & Kings.
“As a business, Malvern Group is in very good health with a total booking value of £170 million.
“In regards to the future, we’ll always consider all options that deliver value to the company and our customers.”
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.