The Cox & Kings Group has acquired 100 per cent of the issued and outstanding shares of Late Rooms for GBP 8.5 million. LateRooms is a online hotel booking specialist in the UK. Its extensive offering encompasses a full range of accommodation options with over 54,800 properties globally, which can be booked up to a year in advance. LateRooms has a 3.5 million opted-in and active consumer database and had 93 million online visits in the financial year ending September 30 2015, generating total transaction value (TTV) of GBP 300 million and net revenues of GBP 50 million.
Peter Kerkar, director, Cox & Kings said, “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.”
The acquisition fits the Group’s strategic intent to expand its global online and B2C leisure proposition. The Group also expects to drive synergies and value from LateRooms’ association with the Cox & Kings subsidiary, SuperBreak Mini-Holidays, a leading short break packaged holiday specialist in the UK. LateRooms’ industry-leading technology platform, now built for mobile is a key strength which Cox & Kings will look to leverage more widely across its footprint.
Hugo Kimber, executive chairman, Cox & Kings Leisure Division-EU said, “The acquisition of LateRooms and access to its online technology platform bolsters the Group’s delivery capabilities across all geographies for the leisure business.”