SuperBreak and LateRooms sold by Cox & Kings

SuperBreak and LateRooms sold by Cox & Kings

Short break specialist SuperBreak and LateRooms.com have both been sold by Cox & Kings.

Online hotel booking website LateRooms has changed hands for the second time in six months following a private equity-backed deal.

Cox & Kings, which acquired Manchester-based LateRooms for £8.5 million from Tui Group in October, has sold the business to newly-incorporated company Malvern Enterprises UK for £20 million.

Additionally, Holidaybreak, which is 66% owned by Cox & Kings, has sold York-based Superbreak to Malvern.

Holidaybreak has received £9.3 million in the transaction although the sale will also lead to a £71.4 million write-off in relation to the goodwill of Superbreak.

Malvern Enterprise UK is a new business 49% owned by Cox & Kings and 51% owned by an unnamed private equity investor.

Cox & Kings said: "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 Cox & Kings."

Holidaybreak delisted from the London stock exchange in 2011 after being acquired by Cox & Kings for £312 million.

Comments

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.

More in Travel technology