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W&O extends online booking with Key2Holidays deal
Specialist luxury travel group Western & Oriental is paying £1.7 million for online operator Key2Holidays.
The London-based firm specialises in the Middle East and Indian Ocean.
Key2Holidays has recently launched a bespoke online booking engine for selected new destinations such as Dubai and the Maldives.
W&O described the acquisition as “an exciting and important step forward”, which will enable the group to extend this online booking capability into a number of existing brands for the first time.
Raj Kumar, managing director and sole shareholder of Key2Holidays, becomes business development director for the group, bringing “significant online and tour operation experience”.
He founded The Destination Group in 1992, an online tour operator that was sold to lastminute.com in 2002.
Key2Holidays made a pre-tax profit of £53,000 in the year to September 2006 with assets of £250,000. A profit of at least £150,000 is projected for the current financial year.
The business will be re-located to W&O’s main office in Victoria, which is expected to result in immediate cost savings and potential for increased profitability, the company said.
“The acquisition further increases the scale and reach of the group, enabling it to take advantage of cost synergies and cross selling opportunities to its increasing customer base,” a statement said.
“The acquisition is the first since the group raised additional funds in June 2007 to continue in its buy and build strategy and lead the consolidation of the luxury travel sector.”
WQ&O chairman David Howell said: “This is the eighth acquisition we have made since our float in March 2006 and builds on the momentum achieved to date.
“I am also delighted that Raj is joining the Western & Oriental plc board. He brings significant additional travel experience to the board and will have a key role ensuring that online booking capability is extended across the group where appropriate.”
Kumar said he believed his experience in integration and operations will help “further develop the successful acquisition strategy that will see Western & Oriental diversify into other luxury holiday destinations”.
by Phil Davies
Phil Davies
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