Cox & Kings reveals cost of LateRooms deal
Cox & Kings today revealed that it paid £8.5 million for LateRooms, the last-minute hotel booking site it bought from TUI.
The India-based company said the acquisition fits its plan to expand its global online business-to-consumer leisure proposition.
"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," said director Peter Kerkar.
He said the group plans to drive synergies from LateRooms’ association with its short break package holiday business Superbreak.
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."
LateRooms claims to have 150,000 properties around the world on its portfolio, with a user base of 3.5 million. It had 93 million online visits in the financial year ending September 30, 2015, generating transaction volume of £300 million and net revenues of £50 million.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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