The world’s oldest travel company is offloading its education travel business.
Cox & Kings Ltd has reached an agreement to sell subsidiary HB Education Ltd to UK based investor Midlothian Capital Partners for £467 million in cash.
Cox & Kings bought HB Education in 2011 when it acquired UK based Holidaybreak Ltd.
HB Education offers travel programmes for students at residential activity centres and study tours.
It includes several affiliated brands including PGL, Travelworks, and Studylink.
"Since C&K’s successful acquisition of Holidaybreak in 2011, the business with the strategic direction of C&K, has scaled larger heights. Over the years we have made efforts to maximise shareholder value by divesting some parts of the business," said Peter Kerkar, Group CEO, Cox & Kings.
Cox & Kings will continue operating the leisure and hotels segments of the business.
