Bulletin

Indian travel firm sells York-based Superbreak in £30m offload to new joint venture

Funding deal - Superbreak has been sold to a newly-formed company - SatanderCB

York-based short holiday specialist Superbreak has been sold to a newly-formed company for £9.25m in a deal involving a goodwill write off of over £70m. Indian parent company Cox & Kings has sold its York business alongside its Laterooms.com venture to a new company, in which it has acquired a 49% stake as part of a separate £6.37m deal. Superbreak, which employs around 150 people at its head office, had been part of Holidaybreak which was 66% owned by C&K. The deal, which was effective from March 31, 2016, saw Holidaybreak sell Superbreak for £9.25 million to Malvern Enterprise UK, a new business formed out of a joint venture between C&K, and an unnamed private equity investor which holds a 51% stake. C&K, which also announced the sale of its Manchester-headquartered LateRooms to Malvern for £20 million, said the proceeds of the transactions will be used to pay off debts. The deal with Lloyds Bank Commercial Banking, Santander, Barclays, HSBC, Royal Bank of Scotland, and M&G Investments, followed the sale of Holidaybreak's subsidiary Eurocamp to French business Homair Vacances in a £89.2 million deal in June 2014.

 

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