Cox & Kings Group, through its subsidiary Holidaybreak plc., has announced the sale of its 100 per cent stake in Explore Worldwide Ltd. to Hotelplan U.K. Group for 25.8 million pounds (approximately Rs.258 crore) as a part of the travel and holiday group’s strategy to concentrate on three specific areas.
Explore Worldwide, which includes the brands Explore, the soft adventure tour firm and RegalDive the diving adventure firm, generated net revenues of 11.2 million pounds (Rs.112 crore) and EBITDA of 2.3 million pounds (Rs.23 crore) in financial year 2014-15.
“The sale of this business helps us to further increase focus on our three key verticals namely Leisure, Education and hybrid hotels (Meininger),” Peter Kerkar, Director, Cox & Kings Ltd. said in a filing on the BSE.
Cox & Kings has been restructuring its business through divestments and acquisitions.
In June this year, Cox & Kings had sold its subsidiary’s Camping Division to Homair Vacances, a group that specialises in outdoor holidays and is a major player in France for Rs.892 crore. Cox & Kings had acquired the Camping Division as part of its acquisition of Holidaybreak in 2011.
In October this year, Cox & Kings Group had acquired Late Rooms Ltd. (U.K.), a leading online hotel booking specialist in the U.K., for 8.5 million pounds (Rs.85 crore).
Cox & Kings, the leading holidays and education travel group has operations in 26 countries across continents.
