Cox & Kings has agreed to acquire Holidaybreak plc through its wholly own subsidiary Prometheon Holdings. Under the terms of the acquisition, Holidaybreak shareholders will receive 432.1 pence in cash per share – valuing the company at £312 million.
Cheshire-based Holidaybreak has confirmed it is in discussions with Cox & Kings over a potential takeover. However, the group warned there can be “no certainty” any offer will ultimately be made.
Specialist tour operator Holidaybreak has appointed KPMG to search for potential buyers for several subsidiaries as it seeks to focus on its education division. Superbreak – short-stay trip organiser – and Explore – adventure holidays provider – could both be sold, as Holidaybreak centres on its residential outdoor education and its PGL brands.
Travel conglomerate Holidaybreak has bought a 50 percent stake in German educational accommodation provider, Meininger, for €36.5m, with the option to buy the remaining stake within three years.
Travel giant Holidaybreak, which owns 15 brands including Eurocamp and PGL, has bucked a week of bad news from the tour operators by reporting a healthy rise in trading on the back of a flourishing schools programme.
Trading at specialist tour operator Holidaybreak remains in line with management expectations despite being hit by flooding in southern France. In an interim statement the company said it remained “confident of delivering a good financial performance for the year”.
A surge in sales has helped leisure and activity travel group Holidaybreak cut net debt by £30m and reduce first-half losses. It also said the impact of the volcanic eruption in Iceland was “expected to be immaterial to overall financial performance”.
Niche travel group Holidaybreak, best known for its Eurocamp and Superbreak brands, has unveiled plans to raise £31 million from shareholders as it bids to acquire new sites for PGL, its outdoor activities business.
Former British Airways chief executive, Bob Ayling is stepping down as chairman of UK travel group, Holidaybreak, in what he confirms will be his last directorship of a British public company.John Coleman, the former chief executive of House of Fraser, will take over from Ayling on May 1.