Superbreak and LateRooms travel businesses for sale after administrators appointed

Mon, 05 Aug 2019 | BUSINESS SALE



The Malvern Group, parent company of LateRooms and Superbreak, has been put up for sale after part-owner Cox & Kings defaulted on loan repayments.

The Indian travel specialist owns 49 per cent of shares in the Malvern Group, with the other 51 per cent owned by undisclosed private investors. However, failing to pay the debt has resulted in credit ratings agencies downgrading the company, and thus forcing shareholders to put the group up for sale.

The businesses also faced tough competition this year and its customers have clearly been less certain about their travel plans.

According to figures, the Malvern Group made a net loss of around £6.5 million last year despite taking more than 700,000 bookings. Advisors from KPMG have now been appointed to manage the ongoing sales process.

A statement from the group read: "The management team recently appointed advisors from KPMG to undertake an accelerated sales process to ensure further investment, and have engaged with our principal bankers to secure interim funding.

"Unfortunately, given the short timeframe enabled by our cash position and despite interest from potential purchasers, we have been unable to secure bank support or a sale of the business.

"As a result, Late Rooms Ltd (t/a LateRooms.com), Superbreak Mini-Holidays Ltd (t/a Super Break) and Malvern Travel Technology Limited are unable to continue on a solvent basis and have ceased trading."

In spite of this, the administrators have confirmed that they are still interested in hearing from potential buyers for the business or its assets as they seek to generate proceeds. However, they added that they fear the funds secured from any sales are unlikely to be substantial.

Commenting on the decision to seek a buyer, executive chairman of the Malvern Group Hugo Kimber said: "To be so close to delivering our goal of an integrated, dynamic and commercially successful business, that could provide significant value through its innovative products, is heart-breaking."


Share this article



Latest Businesses for Sale

Brewery & Pub Company
Midlands, UK Wide

Multiple award-winning business. Solid range of quality cask ales, bitters, beers, porters and stouts. Strong branding which has local meaning but would have national appeal. Portfolio of distinctive pubs in key locations. Profitable track record, ag...

Asking Price: Offers Invited
Turnover: £2,723,014

Wedding & Events Company
London, UK

Well established and reputable wedding service provider. Specialism in designing bespoke, innovative and creative wedding Mandaps and stages. Expertise in staging events in prominent, large-scale London venues. Upward trend in average transaction val...

Asking Price: Offers Invited
Turnover: £688,987

Events Recruitment Agency
UK Wide

Places candidates in temporary, freelance and permanent positions on behalf of both corporate events departments and events agencies.Constantly growing client base, presently circa 100 clients, around 95% of whom provide repeat business. Offers invit...

Asking Price: Offers Invited
Turnover: £813,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
27
 
Mar
 

Addison Lee acquired by consortium of investors | BUSINESS SALE

Addison Lee Group, London’s biggest private care hire ...

 
26
 
Mar
 

Leicestershire building products firm enters administration | ADMINISTRATION

Leicestershire-based System Building Products Limited has en...

 
25
 
Mar
 

Kaupthing plans sale of Oasis and Warehouse | BUSINESS SALE

Icelandic-owned UK women’s fashion retailers Oasis and...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
19
 
Mar
 

North East contractor enters administration | ADMINISTRATION

Newcastle-headquartered general building contractor P F Burr...

 
06
 
Mar
 

Major fashion label enters administration | ADMINISTRATION

East-London-based fashion label House of Holland has appoint...

 
04
 
Feb
 

Historic East Cumbria newspaper looking for buyer | ADMINISTRATION

The Cumberland & Westmoreland Herald, a 160-year-old East Cu...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources