One of India’s oldest travel agents Cox and Kings Ltd has gained 100% stake of UK-based hotel booking firm LateRooms Ltd.
One of India’s oldest travel agents Cox and Kings Ltd has gained 100% stake of UK-based hotel-booking firm LateRooms Ltd, which runs the website LateRooms.com, from TUI Travel Plc for £8.5 million.Shares of Cox & Kings jumped over 3 % on Tuesday after the travel and tour operator announced acquisition of LateRooms. LateRooms provides accommodation options at 54,800 properties globally. In the financial year ending September 30, 2015, it generated total transaction value of 300 million pounds and net revenues of 50 million pounds, Cox & Kings said in a release to Bombay Stock Exchange.
"We are confident that bringing the LateRooms brand and technology into the fold will provide a significant boost to Cox & Kings' growth trajectory and technology capabilities," Peter Kerkar, Director, Cox & Kings, said in the release.
Cox and Kings is the leading holidays and education travel group with operations in 22 countries across four continents. In India, Cox and Kings has a presence in 149 cities. Outside India, they operate through subsidiaries in UK, Japan, Australia, New Zealand, UAE, the United States, the Netherlands, Singapore and Canada.