Lowcostbeds pulls out of acquisition of Ideal Cruising
Lowcostbeds.com has pulled out of talks over an acquisition of Ideal Cruising.
CEO Paul Evans said it had withdrawn from negotiations because the price was too high.
“Ideal is a great business with an excellent management team. However this is a time for more conservative valuations of even good businesses like Ideal, and we have therefore withdrawn from the negotiations. It is still a sector of great interest to us,†he said.
Ideal chairman Ian Brooks added: “We are disappointed not to have concluded this deal, especially as we had built up a good rapport with the team at Lowcost.
“However we understand their reasons for not going through with it, and ultimately we have a good business which we were not willing to sell below a premium price.
“We have had a good start to the year and look forward to continuing to grow the business in what remains a healthy sector”.
Accommodation specialist, Lowcostbeds, recently completed its merger with Resort Hoppa.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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