Holiday and education travel company Cox & Kings Group has acquired U.K. based LateRooms Ltd, an online hotel booking firm, for £8.5 million (Rs. 85 crore) from TUI Group.
LateRooms offers a full range of accommodation options with over 54,800 properties globally, which can be booked up to a year in advance.
A profit making entity LateRooms has a 3.5 million opted-in and active consumer database and operates a Single Web Platform, which optimises the website for mobile device usage.
“The acquisition fits Cox & Kings Group’s strategic intent to expand its global online and B2C leisure proposition,” Cox & Kings Group said in a statement.
The Group also expects to drive synergies and value from LateRooms’ association with the Cox & Kings subsidiary, SuperBreak Mini-Holidays, a leading short break packaged holiday firm 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,” 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," Peter Kerkar, director, Cox & Kings said.
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.”
Following the announcement Cox & Kings shares surged 3 per cent but closed with a loss of 0.32 per cent at Rs. 246.25 on the BSE.
