ONE of the most venerable tour operators in the UK – India market has sold its interests in two British companies in a multi-million pound deal.
The 258-year-old upmarket tour operator, Cox & Kings, has sold its interests in LateRooms and Superbreak to Malvern Enterprises for nearly £30m (Rs 295 crore).
The company sold LateRooms, a hotel booking site, for £20m, and Superbreak, a firm specializing in last-minute holidays, for £9.25m.
Holidaybreak, which Cox & Kings bought in 2011, had written off £71m (Rs 702 crore) on the sale of Superbreak. Cox & Kings directly owns 65.58% in Holidaybreak.
While Cox & Kings did not make any money from the Superbreak transaction, the Peter Kerkar-managed travel services company made money from the sale of LateRooms, which was bought for £8.5m (Rs 85 crore) in 2015. The proceeds from the sale transaction will be used to trim debt, Cox & Kings said
Simultaneously, Cox & Kings acquired a 49 per cent stake in the UK-based Malvern for £6.37m (about Rs 62 crore). The remaining 51 per cent is owned by an European private equity investor.