PGL Takeover Bid

8th August 2011

PGL Travel may have new owners from this Autumn if a takeover bid for its parent company Holidaybreak PLC goes through. The Holidaybreak board has agreed a £312 million takeover by Mumbai-based Cox & Kings and almost 32% of its shareholders have already accepted the offer. Cox & Kings is a luxury tour operator with a UK office in London but a parent company in Mumbai. The company is privately owned, but listed on the Mumbai stock exchange. Holidaybreak chief executive Martin Davies said: "I am proud of the progress we have made towards transforming Holidaybreak into an education-focused business, both through expansion into the pan-European education market through the acquisition of Meininger, and by building on our high quality brands... It also presents an exciting opportunity for Holidaybreak's customers and employees to benefit from being part of an international travel company." PGL was founded by Peter Gordon Lawrence who started leading canoe trips down the River Wye in 1957. The company was sold to Holidaybreak PLC in 2007. Holidaybreak was founded in 1973 and employs more than 3,000 staff, mostly at various sites in the UK, but has offices around continental Europe. PGL is based in Ross-on-Wye and employs 2,000. NST is based in Blackpool, Explore in Farnborough, Superbreak in York and the camping division in Northwich.

Source: Travel weekly