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Super Break parent is up for sale
Malvern Group, parent of Super Break and Laterooms, has confirmed it is up for sale and claims it has already received interest from a numberr of parties.
In a statement today, it said: "Following the recent news regarding Cox & Kings corporate financial circumstances, The Malvern Group has engaged KPMG as a strategic advisor to consult on options to best support the Malvern Group. The group has today confirmed that it is pursuing a sale of the entire shareholding of the business and has already received interest from a number of parties.
"The Malvern Group will continue to trade with its partners and customers, through its Super Break and LateRooms brands and the innovative Wizian trips platform."
Executive chairman Hugo Kimber added: "The Malvern Group is an exceptional mix of brands, technology and people that we are confident will shortly find a new home with shareholders who are able to support the high value growth potential of our business".
The decision comes after its shareholder, Mumbai-based Cox & Kings, defaulted on debt repayments and had its Billing and Settlement Licence suspended by IATA.
Malvern is 49%-owned by the company, with the majority of the shares owned by undisclosed private investors.
A Malvern spokesman earlier told TravelMole: "As a business, Malvern Group is in very good health with a total booking value of £170 million."
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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