Cox & Kings announces sale of its subsidiary HBRâ€™s camping division for Rs 892 crore 2nd, June 2014
Mumbai, 02th June 2014: Cox & Kings Ltd., the leading holidays and education travel group having operations in 26 countries across continents, today announces the sale of the Camping Division of its subsidiary Holidaybreak Ltd., (HBR), to Homair Vacances, a group that specialises in outdoor holidays and is a major player in France, for a consideration of 892 crore (Â£ 89.20 Million). Â£ 85.5 million is payable in cash on completion and Â£ 3.7 million is deferred relating to a tax refund.
The Camping division provides outdoor family holidays at over 170 third party owned campsites across 12 European countries. Cox & Kings acquired the Camping Division as part of its acquisition of Holidaybreak in 2011.
The completion of the transaction is conditional to fulfilment of customary conditions including receipt of regulatory approvals.
Peter Kerkar, Director, Cox & Kings Ltd said, â€œThe sale of camping is consistent with our strategy of becoming a Leisure and Education travel group and allows us to focus on these businesses that have a global footprint and market leadership positionâ€.
Holidaybreak Ltd. was advised by Lincoln International, financial advisers and Eversheds, legal advisers.
ABOUT COX AND KINGS LTD: (BSE: 533144 | NSE: COX&KINGS) Cox & Kings Ltd. (CKL) is the longest established travel company in the world since 1758. Headquartered in India, it is the leading holidays and education travel group with operations in 26 countries across 4 continents. In India, Cox & Kings has 168 offices located across the country.
A premium brand in all travel related services, the business can be broadly categorised as Leisure Travel, Corporate Travel, Education & Activity Travel, MICE, Trade Fairs, Visa Processing and foreign exchange.
CKL is amongst the largest players with its range of specialist options. Innovative packaging, pricing and marketing have been the hallmarks of its success over the years.
In India, the company has a robust domestic business under the brand name Bharat Deko and is a leading MICE operator out of India. CKL is amongst the major Foreign Exchange providers in the country. The Outbound Tours are segregated into Duniya Dekho (escorted tours), FlexiHols (customised tours), Luxury Escapades (unique & luxurious travel) & NRI (catering to Indians across the world).
CKL also owns Holidaybreak, an education and activity travel group based in UK. It has more than 15 long-established and widely recognised brands. Holidaybreak provides educational and activity trips for school children; worldwide adventure holidays; short breaks in the UK and Europe & mobile-home and camping holidays on sites throughout Europe.
Over the years the company has won many awards that stand testimony to its excellent service. Recent awards include â€œFavourite Outbound Tour Operatorâ€ awarded by the Outlook Traveller Awards 2014 to Cox & Kings India, â€œIndiaâ€™s Leading Tour Operatorâ€ & â€œIndiaâ€™s Leading Travel Agencyâ€ awarded by the World Travel Awards 2013, â€œBest UK operatorâ€ awarded by The Travel Weekly Awards 2013 to Superbreak, â€œBest Company providing Foreign Exchange in Indiaâ€ awarded by the CNBC Awaaz Travel Awards 2013.
CKL is one of the founding members of the World Travel and Tourism Council (WTTC), and are members of premier industry associations namely the Travel Agents Federation of India (TAFI), the Travel Agents Association of India (TAAI), Indian Association of Tour Operators (IATO), European Tour Operators Association (ETOA), and the Pacific Asia Travel Association (PATA).
For further media details, contact:
Cox & Kings Ltd Mr. Thomas C Thottathil AVP – Corporate Communications firstname.lastname@example.org Tel: 91-22-22637500