Cox & Kings sells Explore Worldwide to UK’s Hotelplan
02 Dec 2015
Cox & Kings Group, through its subsidiary Holidaybreak plc, has announced the sale of its 100 per cent stake in Explore Worldwide Ltd to Hotelplan UK Group for £25.8 million (approximately Rs258 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, a soft adventure tour firm and RegalDive, a diving adventure firm, generated net revenues of £11.2 million and EBITDA of £2.3 million 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 with on the Bombay Stock Exchange.
Cox & Kings has been restructuring its business through divestments and acquisitions.
In June this year, it 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 Rs892 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 (UK), a leading online hotel booking specialist in the UK, for 8.5 million pounds (Rs85 crore).
Cox & Kings, the leading holidays and education travel group has operations in 26 countries across continents.
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