PGL Takeover Completed

28 September 2011

The takeover of PGL's parent company Holidaybreak PLC by India based Cox & Kings has now been completed. The deal announced in July has now completed all legal and regulatory requirements. The existing management team will continue to run the Holidaybreak business, which includes short break operator Superbreak, Eurocamp, Keycamp, an adventure travel division as well as an educational travel division that includes PGL and NST. Holidaybreak chief executive Martin Davies said: "Joining Cox & Kings enables us to continue delivering our unique and valued products to customers through our widely recognised brands whilst benefiting from being part of an international travel company with the potential to offer our products to Cox & Kings' customers in India, the rest of Asia and the Oceania region."

Cox & Kings Limited, which trades on the Bombay Stock Exchange and National Stock Exchange of India, is a widely recognised travel and tours group in India and has significant operations in the UK, Australia, Dubai, Japan and the United States.

Peter Kerkar, Director of Cox & Kings, commented:
"We have been very impressed with Holidaybreak's management, its breadth of market leading specialist brands and its rich history. This acquisition represents a transformational step for us at Cox & Kings, adding new product areas and markets to our existing operations. We are very much looking forward to working with the Holidaybreak team."

Source: Travel Weekly