Abercrombie & Kent in ‘advanced talks’ to buy Cox & Kings UK
Abercrombie & Kent is in advanced discussions about acquiring the UK arm of Cox & Kings.
A&K said its proposal would safeguard all current and future bookings and employees of Cox & Kings UK and involve new investment in the business.
A&K said the two brands “complement each other”.
The UK arm of Cox & Kings was reported to be seeking new investors earlier this month amid a funding crisis at its Indian namesake company.
Cox & Kings UK appointed corporate financiers from KPMG to identify buyers for a stake in the business, Sky News reported.
The operator specialises in luxury tours and holidays in destinations in Africa, Asia and Europe and employs about 80 staff in the UK.
The search for new backers follows the emergence of financial difficulties at Cox & Kings (India), which defaulted on loan repayments in June.
The Indian company was a large shareholder in Malvern Group, the owner of Super Break and LateRooms.com, which collapsed into administration in August.
Geoffrey Kent, A&K founder and co-chairman, said: “I am excited at the prospect of adding the Cox & Kings UK business to the Abercrombie & Kent family.
“The acquisition will expand our portfolio of product offerings in the UK, particularly with their established escorted touring programme. This is just the start of our growth plans in the UK and globally.”
Kerry Golds, managing director, added: “We’re committed to investing in Cox & Kings. It’s a renowned brand with an experienced and dedicated team that I’m looking forward to working with.
“I’m confident that with their strong trade relationships and loyal client base, we can take Cox & Kings to the next level.”