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.
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