Time Out owner eyes Lastminute.com
One of Britain’s most successful technology investors has been named as one of a number of parties interest in buying Lastminute.com from Sabre.
Oakley Capital, which owns London’s Time Out magazine, is understood to have been amongst those to place an initial bid for the site after Sabre said it was open to offers.
Oakley is run by Peter Dubens, chairman of the telecoms group Daisy.
Sabre announced this summer that it was looking to sell off Lastminute, which currently operates as a subsidiary of Travelocity, Sabre’s group of travel e-commerce businesses.
Despite spending substantial amounts on marketing and advertising, Lastminute’s performance has been described as ‘underwhelming’ since it was acquired by Sabre for £600 million in 2005.
It has struggled to make an impact elsewhere in Europe with its biggest market share in the UK and France.
Analysts say that Travelocity failed to integrate Lastminute effectively or to build the network of hotels or other partners to which it has access during a period when some rivals have expanded aggressively.
In August, Sabre appointed bankers at Houlihan Lokey to oversee the sell-off of the business. Sky News said it understood from its sources that Sabre was prepared to accept a substantial loss on the sum it paid.
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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