The Cox & Kings Group has confirmed it bought LateRooms for £8.5 million from the Tui Group.
The hotel-booking site offers more than 54,800 rooms worldwide with an active consumer database of 3.5 million while it received 93 million visits for the year ending September 30, 2015.
During that period, it generated a total transactional value of £300 million while net revenues were £50 million.
Tui originally refused to disclose the details of the deal when it was announced yesterday.
Cox & Kings director Peter Kirker said the site was bough in a bid to help the operator expand its online and B2C leisure offering.
It is also hoping to drive synergies and value from LateRooms’ association with the Cox & Kings subsidiary, SuperBreak Mini-Holidays which offers short break package holidays in the UK.
Kirker added 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.
He added: “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 agreed, saying: “The acquisition of LateRooms and access to its online technology platform bolsters the group’s delivery capabilities across all geographies for the leisure business.”
Cox & Kings certainly appear to have got a bargain, especially if the new site’s integration leads to cost cutting elsewhere