Cox & Kings acquires LateRooms from TUI Group 13th, October 2015
October13th 2015: The Cox & Kings Group (“Cox & Kings” or “the Group”) has acquired 100% of the issued and outstanding shares of Late Rooms Ltd (UK) (LateRooms ) for GBP 8.5 million.
LateRooms is a profitable, leading online hotel booking specialist in the UK. Its extensive offering encompasses a full range of accommodation options with over 54,800 properties globally, which can be booked up to a year in advance. LateRooms has a 3.5 million opted-in and active consumer database and had c93 million online visits in the financial year ending September 30 2015, generating total transaction value (TTV) of c.GBP 300 million and net revenues of c.GBP 50 million.
LateRooms operates a Single Web Platform, which optimises the website for mobile device usage. In FY15 c57% of traffic was driven from smartphone and tablet. LateRooms also owns various brands and domain names including AsiaRooms.com.
The acquisition fits the Group’s strategic intent to expand its global online and B2C leisure proposition. The Group also expects to drive synergies and value from LateRooms’ association with the Cox & Kings subsidiary, SuperBreak Mini-Holidays Limited, a leading short break packaged holiday specialist in the UK. LateRooms’ industry-leading technology platform, now built for mobile is a key strength which Cox & Kings will look to leverage more widely across its footprint.
Peter Kerkar, Director, Cox & Kings, said, “We are confident that bringing the LateRooms brand and technology into the fold will provide a significant boost to Cox & Kings’ growth trajectory and technology capabilities”.
Hugo Kimber, Executive Chairman, Cox & Kings Leisure Division-EU, said, “The acquisition of LateRooms and access to its online technology platform bolsters the Group’s delivery capabilities across all geographies for the Leisure business.
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ABOUT COX AND KINGS LTD: (BSE: 533144 | NSE: COX&KINGS)
Cox & Kings Ltd. (CKL) is one of the longest established travel companies in the world since 1758. Headquartered in India, it is the leading holidays and education travel group with operations in 22 countries across 4 continents. In India, Cox & Kings has presence in 149 cities 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.
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. Mr. Peter Kerkar, Director, Cox & Kings Ltd. was honoured by The British Travel and Hospitality Hall of Fame as one of the seven inductees into the Hall of Fame this year. The British Travel & Hospitality Hall of Fame, honors outstanding business achievement in the Travel, Hospitality, Leisure & Tourism sectors. In 2015, Cox & Kings won a PATA Gold Award for their Marketing campaign for ‘Grab Your Dream’, under the Adventure Travel category.
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), and the Pacific Asia Travel Association (PATA). Travel Association (PATA).
For further media details, contact: Thomas C Thottathil Cox & Kings Ltd Head - Corporate Communications Tel NO: +91-22-22709100 EMail Id: email@example.com