LateRooms changes hands for second time in six months

LateRooms changes hands for second time in six months

Online hotel booking website LateRooms has changed hands for the second time in six months following a private equity-backed deal that also includes the sale of a short break specialist. Indian travel giant Cox & Kings, which bought Greater Manchester-headquartered LateRooms for £8.5m last October, has sold the business to newly incorporated company Malvern Enterprises UK for £20m. In addition, Northwich-headquartered Holidaybreak, which is 66% owned by Cox & Kings, has sold its York-based SuperBreak division to Malvern. Holidaybreak has received a net cash consideration of £9.3m in the transaction, although the sale will also lead to a £71.4m 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. In a statement, 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.”

Originally posted 5 April 2016 by Propel

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james hallam

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