Lowcostbeds.com has pulled out of talks over an acquisition of Ideal Cruising.
CEO Paul Evans said it had withdrawn from negotiations because the price was too high.
“Ideal is a great business with an excellent management team. However this is a time for more conservative valuations of even good businesses like Ideal, and we have therefore withdrawn from the negotiations. It is still a sector of great interest to us,†he said.
Ideal chairman Ian Brooks added: “We are disappointed not to have concluded this deal, especially as we had built up a good rapport with the team at Lowcost.
“However we understand their reasons for not going through with it, and ultimately we have a good business which we were not willing to sell below a premium price.
“We have had a good start to the year and look forward to continuing to grow the business in what remains a healthy sector”.
Accommodation specialist, Lowcostbeds, recently completed its merger with Resort Hoppa.
By Bev Fearis
