Cox & Kings acquires 49% stake in Malvern
Cox & Kings has sold 100% of LateRooms UK to Malvern Enterprises UK for GBP 20 million. The Company's 65.58% owned subsidiary, Holidaybreak, has sold 100% of its Superbreak business to Malvern in a transction whereby Holidaybreak received a net cash consideration of GBP 9.25 million. The proceeds are used to pay off debt.Cox & Kings has bought 49% stake in Malvern for GBP 6.37 million. Malvern is 51% owned by a reputed Europe-based private equity investor. The transaction in effective 31 March 2016. C&K's 49% equity stake in Malvern will be accounted for as an investment in Associate Company, with its proportionate share of profit/loss reflected in C&K's P&L from FY 2017 onwards. The goodwill writeoff on sale of Superbreak is GBP 71.4 million.
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