The Cox & Kings Group has acquired 100 per cent of the issued and outstanding shares of Late Rooms Ltd (UK) for GBP 8.5 million.
LateRooms is a profitable, leading 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 c93 million online visits in the financial year ending September 30 2015, generating total transaction value (TTV) of c.GBP 300 million and net revenues of c.GBP 50 million.
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 Limited, 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.
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”.
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 operates a Single Web Platform, which optimises the website for mobile device usage. In FY15 c57 per cent of traffic was driven from smartphone and tablet. LateRooms also owns various brands and domain names including AsiaRooms.com.
