Tempo Holidays to be acquired by Cox & Kings
Susan and Gary Hearst, owners of Tempo Holidays have entered into a share sale agreement to sell their family business, Tempo Holidays, to Cox & Kings, the world’s oldest, and one of the most respected travel businesses.
The sale is expected to be finalised in September 2008, although the sale price is undisclosed.
It is “business as usualâ€, according to the Hearsts with Cox & Kings (C&K), also a family business, retaining Tempo Holidays 100-plus staff, product range, branding and management team led by CEO Steve Reynolds. Jeremy and Antony Hearst sons of Gary and Susan Hearst will also continue their involvement in the business.
Staff and key suppliers have been informed of the planned sale.
C&K – this year celebrating 250 years in business as a travel provider, has offices in London and Mumbai, as well as sales offices in North America, Asia and the Middle East.
The purchase will mark C&K’s entry to Australia.
The Hearsts started the business in 1990, as Yalla Tours, with the business rebranded as Tempo Holidays in 2001 and now markets travel products to over 40 countries.
“Tempo will gain strength from the strong product synergies, as well as improved purchasing power through its alignment with this very solid and highly respected international company,†said Mrs Hearst.
“The company remains committed to the production of a range of quality brochures and supporting those brochures with a reservations team that is committed to delivering a specialised service and tailored arrangements,†she said.
Gary Hearst said the family was proud of its success with Tempo Holidays but recognised the value in the business opportunity presented by C&K.
“For everyone at Tempo Holidays, our key suppliers, our selling agents and their customers it is an exciting time because C&K will take Tempo to a new level here,†he said.
“However, understandably, it is with a degree of sadness we are selling because we have developed some wonderful business relationships and friendships in this fabulous industry,†said Mr Hearst.
In a statement issued from London, C&K Managing Director Peter Kerkar said that C&K was delighted with this development as Tempo Holidays already embodied the standard of excellence that C&K had stood for in its services to the traveller since 1758.
“The excellent base created by Tempo will allow us a platform to consolidate and enhance our product offering worldwide,†he said. “Our 250th anniversary is a great time to enter the Australian market and we look forward to working with our customers, staff and suppliers in this market.â€
Principals of C&K are expected to meet with Tempo Holidays management, staff and key partners next week.
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