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Cox & Kings Travel in the UK sold to Abercrombie & Kent

Cox & Kings Travel in the UK sold to Abercrombie & Kent

Cox & Kings, the world’s oldest travel company, has sold its UK travel business out of administration to the Abercrombie & Kent Group, in a deal that safeguards all current and future bookings and which sees substantially all UK jobs transfer to the new owner.

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Cox & Kings, the world’s oldest travel company, has sold its UK travel business out of administration to the Abercrombie & Kent Group, in a deal that safeguards all current and future bookings and which sees substantially all UK jobs transfer to the new owner.

Cox & Kings was founded in 1758 and specialises in luxury tours and holidays in destinations across Africa, Asia, Europe and South America.

The UK business recently embarked on a process to seek new investment into the business, after its parent company, Cox & Kings Limited (India) experienced significant financial difficulties.

David Pike and Will Wright from KPMG’s Restructuring practice were appointed Joint Administrators to Cox & Kings Travel Limited on 4 December 2019.

Immediately following their appointment, the joint administrators sold the business and its assets to C&K Luxury Travel Limited, part of the Abercrombie and Kent Group. Substantially all of the approximately 66 staff employed by Cox & Kings Travel will transfer to the new owner. Furthermore, all current and future customer bookings with Cox & Kings will be honoured.

David Pike, partner at KPMG and joint administrator, commented: “We are pleased to have been able to secure this deal with Abercrombie & Kent, which not only provides reassurance and continuity of service for customers, but which safeguards the jobs of Cox & Kings’ experienced team.

 “Cox & Kings is a heritage brand, with a fascinating history and a proud tradition in the luxury travel market.  It is satisfying to see a solution for the UK business, given the challenges faced by its parent company in India.”

Kerry Golds, Managing Director of Abercrombie & Kent commented: “We’re committed to investment 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.”

Geoffrey Kent, A&K founder and Co-Chairman added:  “I am excited to be adding the Cox & Kings business to the Abercrombie & Kent family. The acquisition expands 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.”

 

ENDS

 

Notes to Editors:

 

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About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff.  The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

About Cox & Kings Limited (in India)

Headquartered in India, the holiday and education travel group has subsidiaries in the United States, Canada, the United Kingdom, Netherlands, the United Arab Emirates, Japan, Singapore, Australia and New Zealand

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