Wed, 26 Jan 2011 | DIVISION SALE
Luxury holiday group Western & Oriental is to sell its tour operating business after receiving several expressions of interest from third parties.
Five offers have been received “as part of the strategic review initiated by the previous board” the company has said in a statement. The divestment is being seen as a move to shore up cash reserves following the posting of a £7.8 million loss last year.
“Having evaluated these offers the board has concluded that it will proceed with two of the parties, being those who had made the highest offers and having minimal conditions.”
The new chairman, Pavlos Savvides, who has taken over from former chairman Andrew Neil, did not disclose the identities of the chosen bidders. He did say, however, that they are small, well known travel companies.
Mr Neil resigned recently, having been in the post for only two months. Director Jeremy Goldberg had also exited the company recently.
The sale, which is expected to be finalised by the end of February, will see the disposal of the brands and the assets relating to the tour operating business, to include forward bookings.
Western & Oriental’s tour operators trade under these brands – Regent Holidays, key2holidays, Iceland2go and Honeymiles. Another brand W&O Events is focused on conference, incentive and business travel.
The group also offers travel agency, tailor-made and packaged holidays to locations the world over.
Bringing to the market this freehold cocktail bar and restaurant located in a Lanarkshire prominent town centre location.
FREEHOLD
Presenting to the market this electrical design, management and installation company currently located in Woking.
A renewable energy solution specialist available for sale, the company was established in 2020 and boasts a stellar reputation and customer base.
06
|
May
|
Tekmar Group disposes of subsea company for £1.9m | DIVISION SALE
Tekmar Group, a Darlington-based supplier of technology and ...
06
|
May
|
Frasers acquires MATCHES IP out of administration | BUSINESS SALE
Frasers Group has acquired the intellectual property of e-co...
03
|
May
|
Three Aberdeen legal firms merge to form all-service provider | MERGER
Three prominent Aberdeen legal businesses have merged to for...
06
|
May
|
Frasers acquires MATCHES IP out of administration | BUSINESS SALE
Frasers Group has acquired the intellectual property of e-co...
06
|
May
|
Tekmar Group disposes of subsea company for £1.9m | DIVISION SALE
Tekmar Group, a Darlington-based supplier of technology and ...
03
|
May
|
Logistics firm acquires pair of Derbyshire businesses | BUSINESS SALE
A logistics firm headquartered in Preston has acquired a pai...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.