Holidaybreak sells theatre ticket agency

Holidaybreak sells theatre ticket agency

West End Theatre Bookings has been sold by Superbreak parent Holidaybreak to Encore Tickets for £10.9 million. 

The London theatre ticket agent was part of the group's hotel breaks division and made an operating profit of £1 million on revenue of £20.3 million in the year to September 30, 2010.

The disposal proceeds will be used to reduce the group’s debt, Holidaybreak said.

Chief executive Martin Davies said: “We are pleased to announce this transaction which we believe represents the best value for our shareholders. The sale demonstrates our commitment to strengthen the education share of the group as part of our longer term growth strategy to become the leading educational travel provider in Europe.

"At the same time, we are saddened to see West End Theatre Bookings leave the Holidaybreak Group but we believe Encore Tickets, a leading ticket agency, will provide a good home with both businesses strategically focused on providing theatre tickets to the consumer.”

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